£1.5m investment to see Yorkshire firm launch UK’s ‘greenest burger’
A plant-based food manufacturer is set to launch “Britain’s greenest burgers” following a £1.5m investment.
MYCO’s plant-based protein, Hooba, is produced from vertically farmed oyster mushrooms grown at the firm’s new production site in North Yorkshire.
The purpose built 20,000 sq ft complex is the only site in Britain where the protein is both farmed and produced under the same roof – meaning MYCO’s meat-free products create zero food miles.
The sustainable range will be available to the trade by the end of March 2024 following the “significant” seven-figure cash injection that’s allowed the firm to move into full production.
“The investment is a real game-changer as it has allowed us to move full steam ahead with our full range,” said MYCO Chairman John Shepherd. “We are currently meeting with buyers and the initial noises are incredibly positive.
“The goal is a trade launch in March, followed by a national rollout in supermarkets across the UK over the course of the year. That’s an exciting launch and one which will place Hooba among the biggest plant-based protein products in the market.”
Having initially launched in Darlington, MYCO moved into the new unit in November 2023 ahead of a scaling-up of the business which is expected to create 70 new jobs over the next few years.
Government approves Goole freeport tax site
The Government has approved a freeport tax site in Goole, in a move which will stimulate further major investment within the Humber region.
The tax site, which forms part of the wider Humber Freeport, spans almost 500 acres of prime development land across two plots, separated by the M62 motorway, on the outskirts of the East Yorkshire town.
The proposed footprint for the Goole tax site was submitted for approval in August last year. Now the site has been officially designated, following review and approval by the Treasury and HM Revenue & Customs.
It means businesses investing within the tax site can benefit from a series of advantages, ranging from business rate and stamp duty land tax relief, to National Insurance support designed to reduce employment costs.
Humber Freeport Chair Simon Bird welcomed approval for the Goole tax site.
He said: “Designation of the Goole tax site is another major positive step forwards for Humber Freeport and our mission to drive economic growth, generate thousands of skilled jobs, support innovation and promote cross-sector collaboration.
“We strongly believe our freeport proposition in the Humber is a compelling and unique one, with huge opportunities in decarbonisation, advanced manufacturing, chemicals and port-related operations.
“We’re offering investors the opportunity to benefit from the Humber’s status as a global gateway, with easy access to mainland Europe and beyond via the UK’s busiest ports complex.
“We’ve got the space to grow, the people, the skills and the world-class companies already here to support investors, making the Humber the perfect place to do business.”
Humber Freeport aims to capitalise on the Humber’s vital role as a strategic asset for UK Plc as Britain’s global gateway, by attracting large-scale inward investments creating thousands of new jobs.
Designation of the Goole tax site will support the delivery of one of the region’s largest investments.
Property developer Wykeland Group holds the long-term development rights to the 211-acre northern part of the Goole tax site and Wykeland has exchanged on a deal with Finnish tissue paper manufacturer Metsä Tissue.
Subject to planning approval, Metsä Tissue will invest hundreds of millions of pounds to create the UK’s largest tissue paper mill on the site.
The facility is proposed to be built in several phases over the next few years. It will create more than 400 jobs, with thousands of additional indirect jobs generated across the supply chain and in the local economy.
Dominic Gibbons, Managing Director of Hull-based Wykeland, said: “Confirmation of freeport tax status for the Goole site is excellent news for Goole and the wider Humber.
“The freeport tax site benefits added to the attractiveness of the proposition for Metsä Tissue.
“They also underline the appeal of the wider Goole site, paving the way for further large-scale development delivering economic growth, new jobs and wide-ranging community benefits.”
The southern part of the Goole tax site is owned by St John’s College, Cambridge, which has appointed HBD, part of Henry Boot, as Development Partner.
Goole has become a magnet for inward investment in recent years, with the freeport tax site designation underlining the appeal of a location with excellent transport links via road, rail and the UK’s premier inland port.
Siemens Mobility is at the forefront of the town’s rejuvenation, with an investment of up to £200m in a rail manufacturing facility, adjacent to the freeport tax site, where tube trains for London’s Piccadilly line will be built.
The southern part of the Goole tax site presents an opportunity to create an integrated supply chain alongside the Siemens Mobility rail centre of excellence and the neighbouring Guardian Glass factory.
The site has the potential to unlock a wealth of high-quality employment opportunities, particularly within the rail, advanced manufacturing and low carbon energy sectors.
Goole is one of three Humber Freeport tax sites, alongside Hull East and the Able Humber Port at Immingham.
Other companies that have announced plans to invest on Humber Freeport sites include rare earth exploration company Pensana and green hydrogen specialist Meld Energy, both at Saltend Chemicals Park within the Hull East tax site.
Leeds office rents breaking all records
The prime rent for Grade A office space in Leeds has now risen to £38 per sq ft, breaking all records, according to global property consultancy Knight Frank.
In Knight Frank’s brand-new UK Cities report, published this week, it is revealed that city centre rents have increased by six per cent over the past 12 months.
Notably, prime office rents have risen by 19 per cent since the onset of the Covid pandemic, the second largest increase seen across the Big Six regional cities.
Eamon Fox, partner and head of development at the Leeds office of Knight Frank, said: “With strong occupier demand and supply-squeezed market, forecasts indicate that prime rents will reach £40.00 per sq ft by the Q2 of 2024.
“We have several transactions agreed and progressing through legals at £39 psf, with £40 psf being the next milestone. The market is such that transactions are no longer rent sensitive, but amenity and quality is scrutinised more than ever by our occupier customers. When we get this right, we see growth in rents.
“Leeds experienced strong occupier demand in 2023, with the city registering the highest level of annual take-up since 2019. Total take-up during the year was at 651,461 sq ft, 10 per cent above the 5-year annual average and a nine per cent year-on-year increase.
“During 2023, the number of deals rose slightly from the previous year to 127 completed, 17 per cent above the five-year annual average.
“With above average levels of take-up in 2023, demand for best-quality space was strong, accounting for 74 per cent of annual take-up,” said Mr Fox.
Occupier demand in 2023 was underpinned by the Finance, Banking and Insurance, and Professional Services sectors, accounting for 30 per cent and 28 per cent of total take-up respectively.
The largest letting of the year was to Lloyds Banking Group, who took 124,400 sq ft of grade A space at 11 & 12 Wellington Place in Q1. This was the largest occupier deal to be completed across all of the major UK regional cities last year.
The availability of Grade A space stood at 176,286 sq ft at 2023 year-end, 66 per cent less than the previous year and 34 per cent below the 10-year average for Leeds. The level of grade A supply at the end of 2023 is the lowest since 2019, illustrating the ongoing supply squeeze in the office market.
At year-end, 581,984 sq ft of office stock was under construction with delivery due this year. Of this, 295,939 sq ft is speculative. Comprising five schemes, 232,688 sq ft is new build, whilst the remaining 63,251 sq ft is undergoing comprehensive refurbishment. Most of the speculative space is expected to complete by next month (March).
Meanwhile, owing to macroeconomic and geopolitical instability, investment volumes were subdued in 2023, finalising at £80.4m, 65 per cent short of the 10-year annual average.
The largest investment transaction was the sale of the BT Building, One Sovereign Square to Citi Private Bank for £38.5m. The building also has 12 years unexpired on the lease, let to its namesake, BT Group.
Overseas investors accounted for the greatest share of annual investment turnover, at 56 per cent, owing largely to the above deal, and with capital coming from both the Middle East and South Africa.
According to the UK Cities report, the strong occupier market will mean that investors remain largely bullish on Leeds offices. With prime office yields unlikely to soften further, although secondary yields are more difficult to predict, it appears they have reached a level at which investors are more comfortable to deploy capital, all of which is hoped to foster market activity this year.
Business owners urged to think hard about how they fund their retirement
Three in ten UK business owners plan to sell their businesses to help fund their retirement, according to new research.
According to the research from tax and advisory firm Mazars, not all are considering a clean break from their business. The study examining business owners’ attitudes to succession planning found almost half of business owners planning to partially transfer their business to family, such as their children or grandchildren, and continue to draw an income from it to fund their retirement.
For those considering a full or partial sale, almost two-fifths (39%) say they plan to invest the proceeds into a pension, while the same amount (39%) plan to sell the business to generate a pot of money they can use to draw income from themselves.
Mars warns that when owning a business there are many ways business owners choose to pay themselves, each with its unique pros and cons. Considering significant changes to thresholds in the past few years, two-fifths haven’t reviewed how they take an income for two or three years. Just one in 10 business owners have done so in the past year and 73% of those who have reviewed in the past year did so before April 2023, when personal tax changes such as an increase in higher and additional rate income tax came into effect.
Mazars warns that the continued frozen income tax thresholds and the resulting fiscal drag pushing many into higher rate tax bands could mean many are not remunerating themselves in the best possible way. Currently, 39% of business owners are most likely to pay themselves a salary and a bonus (subject to profits), while a quarter 24% take a set annual salary and 24% of business owners said they take cash drawn against a loan account.
Zoe Davies, Partner at Mazars said:“Planning for retirement takes time and many aspects should be considered, especially when it comes to funding your retirement through a business sale. Thinking of any tax implications of a sale should also be a priority as a hefty tax bill might scupper even the best plans of retiring off the proceeds of a sale.
“It is also vital in the build-up to retirement to review how you are taking an income from your business. Reviewing this often and keeping it in mind alongside any exit plans is vital to ensuring a tax-efficient retirement and as much income for retirement as possible.”
Gas-powered ship makes maiden voyage call at Immingham with cargo of cars
A gas-powered car carrying vessel on its maiden voyage has made its first call at Immingham bringing cars from Europe.
The 200-metre LNG-powered vessel built last year is operated by the CMA CGM Group and is the first of four car carriers each with a 7,000-vehicle capacity.
Simon Bird, Regional Director for ABP in the Humber said: “It’s always great to see new vessels visit our ports in the Humber, particularly when they are part of customer’s transition to net zero. That’s something ABP is committed to, getting to net zero ourselves by 2040 at the latest and supporting a range of energy and industrial sectors in their journeys.”
“The Humber is a global gateway, and we look forward to seeing more deep-sea vessels of this kind visit.”
John Blessington, Managing Director of CMA CGM in the UK said: “CMA CGM Indianapolis is the Group’s first LNG-powered car carrier. LNG powered vessels are part of our commitment to tackling climate change and to reaching Net Zero Carbon by 2050.
“We are reducing our carbon footprint in two ways – firstly by modernising our assets and optimising our sea and land operations and infrastructure to increase energy efficiency, and secondly by integrating low-carbon fuels in our energy mix. CMA CGM is a pioneer in the use of LNG ships and biofuels, reducing our CO2 emissions by around 1 million tons in 2023.”
Associated British Ports (ABP) is the largest port operator in the UK with 1.7 million cars a year passing through our ports in the Humber and Southampton. The combination of both port hubs provides a true north-south single provider solution, underpinned by over £100 million of investment in vehicle handling facilities and backed by well-equipped, highly experienced stevedoring operations and services.
New series of free workshops aims to build firms’ social media skills
Invest East Yorkshire and Invest Hull are working together again to offer businesses the chance to develop their social media skills further.
The latest series of workshops aims to help business owners understand all aspects of social media and how they can use it to help grow their business, but also includes some intermediate sessions for those who are already familiar with using social media and want to expand their knowledge. Taking place throughout February, March and April, the workshops will cover everything from storytelling for business, creating an integrated social media campaign and advertising on Meta platforms to measuring the effectiveness of your activity, building a social media strategy and using Canva to make your posts more eye-catching and engaging. Funded through the UK Shared Prosperity Fund and Rural England Prosperity Fund , workshops are available online and in person at a choice of different venues across the East Yorkshire area. Dawn Hall of the Invest East Yorkshire team said: “Following on from the the resounding success of our initial series of social media workshops aimed at supporting businesses, we’re thrilled to announce a brand-new series of FREE workshops. “Working in partnership, the Business Support Services teams from Invest East Yorkshire and Invest Hull are delighted to present an expanded range of workshops. Fully funded and delivered by Electrify, they cover every aspect of social media for businesses. This time around, we’ve also added some intermediate workshops for those already familiar with leveraging social media for marketing their businesses.” Invest East Yorkshire and Invest Hull are the business support functions of East Riding of Yorkshire Council and Hull City Council respectively. Both teams are available to work with business owners in our area to help them identify projects that will help their businesses grow and evolve, and can provide eligible businesses with access to a range of funding and practical support.New law requires developers to build nature into new projects
In a world first, developers in England are now required to deliver 10% Biodiversity Net Gain when building new housing, industrial or commercial developments.
From this week it has become mandatory for all major housing developments to deliver at least a 10% benefit for nature with England becoming the first country in the world to make Biodiversity Net Gain a legal requirement.
Biodiversity Net Gain, introduced through the Environment Act, will help deliver the government’s commitment to halt species decline by 2030. It means developers in England are now legally required to deliver at least a 10% increase in biodiversity when major building projects are undertaken.
To help Local Planning Authorities integrate Biodiversity Net Gain at a local level, £10.6 million of funding is being committed to help local authorities recruit and expand ecologist teams, investing in green jobs and increasing capacity to create new wildlife-rich habitats alongside developments.
Environment Minister Rebecca Pow said: “Biodiversity Net Gain will help us deliver the beautiful homes the country needs, support wildlife and create great places for people to live.
“This government is going further and faster for nature, since 2010 we have restored an area for nature larger than the size of Dorset, banned micro plastics and set ambitious targets to halt biodiversity decline.
“This vital tool builds on our work to reverse the decline in nature and for everyone to live within a 15-minute walk of a green space or water and will transform how development and nature can work together to benefit communities.”
Natural England Chair Tony Juniper said: “If we are to halt and reverse the decline of wildlife in line with our ambitious national targets then it will be vital to ensure that new habitats are created to compensate those being lost to developments.
“Biodiversity Net Gain is a key moment on our path to halting the decline of nature, enabling developers to make a positive contribution through creating new habitats, increasing access to green spaces, and building healthy and resilient places for people to live and work.
“Many developers are already using Biodiversity Net Gain in new developments and recognising the benefits for people and nature.”
Egg production under threat because there’s no money in it, farmers tell NFU
It found that almost a quarter of egg producers and 15% of broiler producers were either unlikely or unsure if they would still be producing poultry beyond November next year. The main reason cited for this was a lack of profit.
The survey also highlighted some of the key concerns for both sectors, including:
- The risk of AI (avian influenza)
- The lack of fairness in the supply chain
- High energy prices
- Being undercut by imports
The NFU is calling for greater fairness in poultry supply chains, for poultry producers to be included in the Energy Intensive Industries Scheme, and for a long term strategy from government to be set ahead of any future outbreaks of AI.
NFU Poultry Board chair James Mottershead said: “The sector urgently needs support, certainty and fairness across the supply chain if it is to remain strong in its production of quality, safe, nutritious and sustainably produced poultry meat and eggs.”
The NFU has responded to Defra’s current supply chain review on the UK egg industry, which hopes to end unfair practices in the sector, and calls for a fairer share of risk and reward across the supply chain.
Despite the current low numbers of AI outbreaks across the UK in comparison to 2023, the results of the NFU’s latest survey still show that the threat of the disease still continues to impact the sector.
Both the egg and poultry meat sectors are holding back on investing in their businesses, according to the survey.
The work found that a third (31%) of broiler producers had no plans to invest in their business during the next two years, while 29% of laying hen producers had not invested for the past two years and 33% had no plans to invest going forward.
Those that have invested have done so by supporting staff wages, training and improved equipment. Insufficient returns were blamed by the majority of producers as the reason for remaining cautious.
Rising input costs were a problem, with energy prices (46%) and feed prices (28%) being of major concern to poultry producers.
Inflation holds steady at 4%
Annualised inflation remained at 4% in January, unchanged from December despite a forecasted rise.
Measured by the Consumer Prices Index (CPI), the Office for National Statistics (ONS) noted this was influenced by higher gas and electricity charges, while inflation kept at 4% due to a downward contribution from furniture and household goods, and food and non-alcoholic beverages.
Meanwhile, core inflation, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, came in at 5.1% in the 12 months to January 2024, also the same as December.
Alpesh Paleja, CBI lead economist, said: “No movement in inflation over January is not entirely a surprise, due to base effects and a small rise in Ofgem’s energy price cap coming into effect.
“We may see a few more bumps in the road over the coming months, but the broad direction of travel with inflation is encouraging, having fallen considerably from its double-digit highs 15 months ago.
“The Bank of England seems to share this view, though will want to see more definitive signs that domestic price pressures are continuing to soften. But with monetary policy now believed to be doing the trick, it’s increasingly a case of ‘when’ rather than ‘if’ interest rates will be cut.”
Solutions engineer joins virtualDCS after Yorkshire cloud technology firms join forces
Jason Fenwick has joined virtualDCS as a solutions engineer as a result of the disaster recovery specialist now hosting cloud technology firm, Vapour’s Veeam backups on behalf of its customers, after the two Yorkshire-based companies entered into a new partnership to bring unprecedented scale, flexibility, and security to clients’ data management.
As well as having a strong knowledge of the company’s client base, Jason knows Vapour’s platforms inside-out, meaning his appointment will ensure service continuity and an excellent end-user experience for the firm’s customers.
In addition, virtualDCS has appointed Tom Best as a technical support apprentice. Tom will work alongside Jason and the wider virtualDCS team, handling support queries and helping to manage virtualDCS’s CloudCover backup and disaster recovery services.
Jason Newell, channel director from virtualDCS, said: “We’re very pleased to welcome Jason and Tom to the team. Jason’s understanding of Vapour’s system and customers made him the perfect person to manage and oversee the transition, and we’re delighted that he’ll continue to be their key point of contact moving forward.”
