London firm moves to Sheffield to benefit from South Yorkshire’s advantages
Data technology start-up TUBR has moved from London to Sheffield and is set for growth with investment from Finance Yorkshire.
The company has now raised a total of £473,000 following a second funding round of £220,000 including £100,000 from Finance Yorkshire’s Seedcorn Fund alongside existing and other new investors.
Founded by entrepreneur Dash Tabor, the company provides a machine learning platform which enables businesses to turn data into informed actions quickly. The technology can be used across many sectors where it can predict likely future events, for example in retail, forecasting customer demand patterns as an aid to stock and staff planning or in environmental control, predicting pollution patterns from data collected through sensors.
Based at Sheffield Technology Parks, TUBR has attracted considerable interest with a previous funding round in 2022 which included US based venture fund BlueWing VC.
Dash’s career has been spent in technology data product management, monetising data solutions. She said: “I started building the TUBR technology understanding that companies would need machine learning and AI to compete post pandemic. The solution can be used to predict demand and improve operations.
“The investment from Finance Yorkshire and other investors will help us advance the technology and the speed of implementing it so we can start growing our customer base.”
Dash has relocated the TUBR business to Sheffield Technology Parks from London. “I was attracted to South Yorkshire because of the support available to start-ups and that I can tap into the ecosystem at the technology park and gain knowledge from its network to help build the business.”
Finance Yorkshire chief executive Alex McWhirter said: “Our seedcorn fund is perfect for supporting start-ups to scale up just like TUBR. Data technology is progressing at considerable pace and Dash’s vision and ambition for her solution is to be applauded. We are pleased to support the company and Dash’s entrepreneurialism.”
Finance Yorkshire’s seedcorn fund is part of a wider regional business fund which is expected to provide more than £50m to SMEs over five years. Investment is also available from its growth and business loans funds.
Yorkshire and the Humber resilient in the face of UK-wide fall in start-ups and rise in insolvency-related activity
With businesses across the UK facing the challenges of continuing high interest rates, Yorkshire and the Humber is remaining stalwart having put in a relatively strong performance in September compared to many other regions, according to the latest research from the UK’s insolvency and restructuring trade body, R3.
The research, which is based on an analysis of data provided by CreditSafe, shows that only two of the 12 regions and nations surveyed saw a rise in the number of new businesses last month. Yorkshire and the Humber had one of the lowest falls since August with a drop of just 1.7% as 4,294 start-ups launched in September. The highest levels of new businesses were in Northern Ireland (up 4.9%) and Wales (up 3%), followed by East Anglia (-1%).
In contrast, all of the other eight regions and nations saw month-on-month falls in new businesses of more than 4%.
In terms of levels of insolvency-related activity (which includes liquidator and administrator appointments and creditors’ meetings), much of the UK saw a rise between August and September 2023.
The greatest increases were seen in Northern Ireland (up 233%); and East Midlands (up 36%); while Yorkshire and the Humber (up 9%) was among four regions and nations with single digit increases. The best performing were the North East with a fall of 25.3%, Scotland (down by 17.6%) and the North West (-11.5%), and three others also saw falls in insolvency-related activity.
“In the midst of the pressure of high interest rates, there’s no doubt that businesses across the UK are feeling financial strain,” says Eleanor Temple, chair of R3 in Yorkshire and a barrister at Kings Chambers in Leeds.
“The combination of pandemic debt, together with higher borrowing costs and falling consumer confidence, is not only leading to increased levels of insolvency-related activity in many regions and nations, but is also having a detrimental effect on the number of would-be entrepreneurs prepared to launch new initiatives.
“While Yorkshire and the Humber appears to be faring relatively well in such a difficult economic environment, after 14 interest rates hikes and with fears that the UK may officially enter recession next year, the worst may not be over.
“In fact, many experts believe that UK interest rates have not yet peaked and may remain high long-term as the Bank of England continues to struggle to control inflation. Businesses would be well-advised to prepare for a challenging winter and seek advice from insolvency experts at the first sign of financial problems.”
Cheers! Drinks industry welcomes lighter touch on labelling
New reforms to the UK’s wine industry aimed at driving investment, growth and jobs, have been welcomed by the industry.
Miles Beale, Chief Executive of the UK’s Wine and Spirit Trade Association said: “We welcome the measures announced by the Government, many of which the WSTA has been calling for for a number of years.
“Removing the restrictive rules on importer labelling will significantly reduce the post-Brexit impact of having to have a unique UK label. Moving to labelling Food Business Operator should allow one common label for both UK and EU markets, which will maintain the UK as an attractive destination market and support our aim for UK consumers continue to have access to the widest possible choice of wine from around the world.
“And at a time when businesses are doing all they can to minimise packaging waste, changes to packaging rules will be good for business, the environment and consumers.”
Feedback from the wine industry showed that certain regulations within the current 400-page rulebook have been stifling innovation and preventing the introduction of more efficient and sustainable practices. Changes will include removing expensive and cumbersome packaging requirements – such as ending the mandatory requirement that certain sparkling wines must have foil caps and mushroom-shaped stoppers. This will reduce unnecessary waste and packaging costs for businesses. Outdated rules around bottle shapes will also be scrapped, freeing up producers to use different shapes. The government will also remove the requirement for imported wines to have an importer address on the label – the Food Business Operator responsible for ensuring all legal requirements are met will still need to be identified on the label, as is the standard requirement for food products. This will create more frictionless trade and reduce administrative burdens. Further reforms will also give producers more freedom to use hybrid varieties of grapes. This will enable growers to choose the variety that works best for them and reduce vine loss due to disease or climate change, while also providing greater choice to consumers.Four in five business leaders are ‘accidental managers’, report discovers
Doncaster Chamber is highlighting the need for businesses to have adequate training and development in place for their leaders, following the release of a nationwide study on the topic.
The Chartered Management Institute has revealed that 82% of new managers in the UK have received no formal training whatsoever, having instead been promoted to their position on grounds that they were good at their previous job, are popular within their respective organisation, or because they simply happened to be available to take charge. Categorising these individuals as “accidental managers”, it goes on to argue that they are not equipped with the necessary skills for running a team and that this lack of experience can have an extremely damaging effect on the wider business.
The Institutes findings chime with research conducted in South Yorkshire earlier this year, as part of the region’s Local Skills Improvement Plan. Led by Doncaster Chamber of Commerce, this involved comprehensive desk-based research and consultations with more than 2,000 employers, with the ultimate goal of identifying the latter’s skills needs and offering ways to meet them.
Dan Fell, Chief Exec of Doncaster Chamber, said: “It’s important that we acknowledge this problem and do not turn a blind eye to it. A poor manager can make the difference between a team performing well and it needlessly floundering. Not to mention, they also are a major influence in terms of staff retention, with the old adage that ‘people leave managers not companies’ often proving to be true.
“On the other hand, a good leader can take a business to new heights and those employers that choose to invest in management development programmes will reap the benefits. Indeed, ensuring that your leaders are trained and supported can boost everything from productivity to staff morale and engagement.
“In this context, some of the Charted Management Institute’s conclusions are quite concerning. As the CMI has correctly pointed out, this negative trend must be reversed in order for UK businesses to thrive and be at their very best. Otherwise, they will never be able to unlock their full potential.
“While we will continue to lobby for further support to be made available in this regard — through the recommendations of our LSIP — I would like to take this opportunity to also implore local businesses to see what help is already out there for them. After all, we have a wealth of exceptional institutions, education providers and programmes right here in South Yorkshire that are delivering outstanding skills activities that can help managers with their professional development. Even if this might require some extra investment from employers, it will surely pay off in the long run. All too often we have a deficit-based conversation about skills, whereas we have some excellent provision in our region that can help with the challenges laid out in reports like the one published by the CMI.”
Forgemasters takes on 24 apprentices in Sheffield
Sheffield Forgemasters has welcomed 24 new apprentices for 2023, joining the Ministry of Defence-owned company during an exciting period.
They’ll apprentices will start at a variety of levels including two degree apprenticeships as the company drives forward with significant investment into new plant and equipment.
Nicola Childs, interim HR Director, said: “The calibre of candidates that came forward to join our apprenticeships scheme was very high this year and we were pleased to see much greater gender diversity across applications and successful candidates.
“The apprentices join our company at an exciting time, having secured significant investment following the MoD acquisition. As we transform our capability to meet the demands of our defence work, we are also expanding in areas such as civil nuclear and renewable energy.”
Sheffield Forgemasters is investing heavily over the next ten years to support its defence-critical assets, including a new 13,000 tonne Forge line and building, 17 major machine tool replacements within a new machining facility, which will be unmatched outside of the UK.
Nicola added: “Our apprenticeship programme is recognised as one of the best our region has to offer, and we are incredibly proud to be able to provide future generations with the opportunity to not only have a meaningful and varied career but also to develop important skills for life.”
Apprentices have secured roles in the following disciplines; Machinists, Electrical and Control Engineers, NDT Technicians, Methods Engineer (Degree), Design Engineer (Degree), Production Planning and Estimating.
Hull-based Arco renews long-term contract with FedEx
Hull-based safety specialist Arco has renewed its long-standing multi-million-pound deal with FedEx.
Working across Arco’s operating bases including the National Distribution Centre in Hull, the Arco Clothing Centre in Preston and all other retail operations, FedEx currently processes over 7,500 parcels per day, for next day delivery. This collaboration has been a vital part of Arco’s supply chain, ensuring seamless logistics and timely deliveries to customers across the UK.
The long-term close strategic relationship between Arco and FedEx first began in 2009 and has since been extended to December 2026. Throughout this relationship, FedEx has consistently demonstrated its ability to provide high-quality services, making them an ideal supplier for Arco’s ongoing growth and development. Neil Griffiths, Divisional Director, Logistics and Supply Chain at Arco said: “Since we signed the original contract in 2009, FedEx has proven to be the perfect supplier for Arco. With demonstrated excellence in reliability and customer service, we are delighted to extend this exclusive agreement through to the end of 2026. Both companies share the same values in terms of innovation and quality, and together we can build a positive future for our business and the customers we serve.” Rob Peto, Vice President Ground Operations, FedEx Express, said: “We’ve been working closely with Arco to improve and optimise their supply chain to deliver outstanding customer experience.”Government pulls back from imposing more reporting burdens on business
The Government has withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements.
Instead, it will pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do business.
Draft regulations would have added certain additional corporate and company reporting requirements to large UK-listed and private companies, including an annual resilience statement, distributable profits figure, material fraud statement and triennial audit and assurance policy statement.
This would have incurred additional costs for companies by requiring them to include additional layers of corporate information in their annual reports.
Since July, the Government has completed a call for evidence on existing non-financial reporting requirements, which has identified a strong appetite from businesses and investors for reform, including to simplify and streamline existing reporting.
The Business Secretary has now decided to withdraw these regulations, and will be setting out options to reform the wider framework shortly to reduce the burden of red tape on businesses.
Business Minister Kevin Hollinrake said: “Since the Government first published these draft regulations in July, discussions with businesses and stakeholders have highlighted a strong appetite for existing reporting requirements to be simplified.
“The Government has decided not to implement the draft regulations at this time, while we continue at pace with our plans to reform the wider non-financial reporting framework. This will deliver a more targeted, simpler and effective framework for both business and investors, reinforcing that the UK is one of the best places in the world for firms to list and to do business.”
Pensana Chairman meets Government minister to talk about vital role of new Saltend factory
Pensana Chairman Paul Atherley has met Nusrat Ghani, Minister of State at the Department for Business and Trade and Cabinet Office, to discuss the potential UK and US Government support for its Saltend project, which is predicted to be a vital link in the UK automotive supply chain.
The meeting highlighted that development of the US$250 million Saltend project would be an important step in supporting the UK automotive supply chain, which employs over 780,000 people.
By 2030 the UK is expected to have transitioned to be a world leader in the manufacture of electric drive units, producing three million every year, with a large proportion destined for export. Without a secure magnet metal supply chain this is under threat.
Pensana is establishing an independent, sustainable rare earth supply chain with mid-stream processing to produce magnet metal in the UK.
The Saltend project will deliver 450 jobs during construction and 150 high value jobs in operation with a significant opportunity for further expansion. The facility is specifically designed to be flexible allowing it to process feedstock from the Longonjo project in Angola along with feedstock from other different rare earth mining projects.
The Minister assured Pensana that the project was of strategic importance for the UK and that support for the project would be raised during talks with Under Secretary Jose Fernandez during the Mineral Security Partnership discussions held during the London Metal Exchange Week.
Pensana was previously nominated by the UK Government as a partner under the recently announced Minerals Security Partnership between the US and its international allies.
The goal of the MSP is to catalyse investment from the private sector and key government partners for “strategic mining, processing, and recycling opportunities that adhere to the highest environmental, social, and governance (ESG) standards,” focused particularly on the priority critical minerals needed for core technologies such as electric vehicles and clean technologies.
Suite of support programmes unveiled for Greater Lincolnshire and Rutland businesses
In a significant boost to the economic landscape of Greater Lincolnshire and Rutland, Business Lincolnshire has unveiled a suite of fully funded support programmes.
These initiatives, aimed at fostering growth and development across various sectors, reflect Business Lincolnshire’s dedication to supporting businesses from their inception to their growth stages, and then onto reaching their full potential.
Among the standout programmes available are:
Your Business Boost, designed specifically for Retail, Hospitality, and Leisure businesses. This fully funded initiative provides a comprehensive support package, including group sessions, masterclasses, and tailored expert sessions.
For manufacturing businesses, the Made Smarter East Midlands Adoption Programme and Manufacturing Transformation Programme offer specialised support in digital transformation and business enhancement.
Also available is the Start Up Academy, geared towards budding entrepreneurs and early-stage businesses, offering vital workshops and mentoring sessions.
Meanwhile, the Scale-Up programme promises to take established businesses to new heights through personalised leadership and management training.
Additionally, Business Lincolnshire addresses the pressing need for environmental sustainability through the Low Carbon programme, equipping businesses with knowledge about Net Zero, Decarbonisation, Energy Management, and Supply Chains.
Councillor Colin Davie, executive councillor for economy and place at the county council expressed his enthusiasm about these programmes. He said: “These easily accessible programmes are part of Business Lincolnshire’s commitment to empowering local businesses.
“Not only do they provide expert guidance, mentorship, and funding opportunities, but also serve as educational and networking platforms. They help businesses to adapt, innovate, and flourish in an ever-changing market. As a region, we are investing in our businesses, enabling them to thrive and contribute meaningfully to our local economy.”
In addition to the suite of new programmes, there is a full calendar of upcoming events. The next event in the series is an AI and Marketing Masterclass, which will be delivered online on November 2nd, catering to both experienced and novice marketers and AI enthusiasts keen on advancing their businesses.
Additionally, the Going Global Conference, scheduled for November 27th at Lincoln Bomber Command Centre, offers an opportunity to explore international business opportunities with optional facility tours and a fantastic line up of key speakers from within the region.
Ready to embark on a path to business success? Business Lincolnshire has dedicated Growth Hub Advisers, who can offer personalised support and guidance to your business. Specialising in several key industries, their advisers can help you grow your business, upskill your workforce, and much more. To find out more about any programmes and events or for tailored business support, contact a Growth Hub adviser today.
£100m terminal regeneration set for Leeds Bradford Airport
Leeds Bradford Airport (LBA) is making an over £100m investment into a regeneration of its terminal facilities which will improve the passenger experience.
Approved by Leeds City Council, the work is set to commence in autumn 2023 and is expected to complete in 2026. Farrans Construction has been appointed as the contractor to deliver Phase 1 of the project, the construction of the terminal extension.
The regeneration will see a 9,500 sq m, three storey extension to the existing terminal, alongside a significant refurbishment of the current terminal building.
Passengers will benefit from the creation of additional aircraft stands, more seating, faster security, new shops and eateries, and a larger baggage reclaim area and immigration hall, as well as improved access for passengers with restricted mobility.
By 2030, the regeneration has the potential to create 1,500 new direct jobs at LBA and 4,000 new indirect jobs, as well as contribute a total of £940 million to the local economy.
The regeneration will also help LBA to further decarbonise its operations, as outlined in the airport’s 2030 Net Zero Carbon Roadmap, with the installation of new heating, lighting and machinery, including new baggage belts. It is expected that airlines attracted by the regeneration will accelerate the deployment of their newest, quietest and most efficient aircraft at the airport.
Vincent Hodder, Chief Executive of Leeds Bradford Airport, said: “This announcement marks the beginning of a new era for Leeds Bradford Airport.
“This investment will give us the infrastructure needed to deliver an outstanding customer experience, support the growth of our airline partners, enhance connectivity for business, investment and trade and provide the airport that Leeds, Bradford and Yorkshire have been waiting for.
“LBA is a key asset for our region and our community, our investment enhances and supports broader investments underway in Leeds and Bradford creating new jobs, new opportunities and shared benefits for our community.”
Cathal Montague, regional director at Farrans Construction, said: “Leeds Bradford Airport has played an integral role in the ambitious growth of the city of Leeds and the wider Yorkshire region, supporting connectivity to some of the world’s best destinations for business and tourism.
“We are looking forward to bringing the vision for its next stage to life through the extension and modernisation of the terminal. This project will be a major boost to the construction industry with jobs created through apprenticeships, direct labour and supply chain.
“We have had a strong connection to Leeds for many years, having delivered a number of important transport and infrastructure projects in the area. Farrans opened a new office in the city centre last year and we are in the final stages of the delivery of a 20-storey student accommodation project on Belgrave Street, Live Oasis St Alban’s Place.
“We will continue to engage closely with community groups, charities and schools to create local employment, training and apprenticeship opportunities to deliver a positive lasting impact while delivering Leeds Bradford Airport.”
This year, the airport is expected to contribute a total of £460 million to the local economy, directly employing 2,100 people and indirectly supporting 4,500 jobs.
