Hull-based creative communications agency Pace has moved to new larger offices to accommodate its growing team.
The agency is now based at Warehouse 6 in Princes Dock Street in the city centre. Following a number of key appointments, Pace outgrew its Fruit Market base and has moved to the renovated warehouse. It is Pace’s fourth move in eight years. MD Anita Pace said: “We’re now a team of 28 and we needed more space. This move is significant because it represents continued investment in our future growth. “Our new office will foster more creativity within Team Pace thanks to the purpose-built spaces we have designed including our new state-of-the-art production studio. “I strongly believe that we create our best work when we collaborate in person, face-to-face, and our new home at Warehouse 6 will give us better opportunities to do this both as a team and with our clients.” Warehouse 6, formerly a dock warehouse serving Princes Dock, was built in 1850 and the building still retains many original features. Pace’s new office will overlook the new Murdoch’s Connection footbridge and is close to the marina, Fruit Market and the city centre.Be cautious over wage rises, Government is told by British Chambers of Commerce
Following the Chancellor’s announcement of an increase in the living wage, Jane Gratton, Deputy Director of Policy at the BCC, says government needs to be cautious in setting future wage rate rises so as to strike the right balance between boosting pay and ensuring the very survival of some firms is not put in jeopardy.
She said: “It’s important that wages rise proportionately to maintain living standards and that people can cope with the cost-of-living crisis.
“But business conditions remain among the hardest in generations and employers are struggling to contain wage inflation.
“Firms have seen lasting damage caused by Covid lockdowns, a global supply chain crisis, new trade barriers with the EU, unprecedented energy costs, and significant skills shortages.
“On top of this, rises in interest rates have compounded problems for those carrying more debt due to the pandemic. There is a limit to how much new cost that firms can absorb.”
- On the Secretary of State for Business and Trade’s comments about Brexit and trade issues, William Bain, Head of Trade, said: “Boosting exports is key to the UK’s future economic prosperity, but firms of all sizes are facing a wide range of stumbling blocks. These include inflationary pressures, a restructuring of global supply chains and the continuing flow of new requirements from the EU trading relationship.
Planning approval secured for development next to Salts Mill World Heritage Site in Saltaire
Proposals to demolish a vacant office complex on the edge of the Salts Mill World Heritage Site in Saltaire, Shipley and replace it with a sustainable residential quarter and riverside park have been given the go-ahead by Bradford Council.
Urban regeneration specialist Artisan Real Estate will now progress with its ‘transformational’ redevelopment of the 11-acre site, sandwiched between the River Aire and the Leeds & Liverpool Canal, which was formerly home to an HMRC office block that closed in October 2021.
Artisan’s plans for the new ‘Saltaire Riverside’ development include the provision of 289 new homes, more than 5,000 sq ft of commercial office space designed for flexible working and a café facing on to a new ‘pocket’ park and piazza.
A sizeable riverside park will seamlessly link the development to the River Aire, providing woodland, grasslands and lawns to act as a natural flood water storage area whilst pedestrian links will provide direct access to Saltaire Rail Station and the canal towpath.
Welcoming the planning approval, James Bulmer, development director for Leeds-based Artisan North, said: “We are naturally delighted that our transformational vision for this vacant site next to an UNESCO world heritage site is now set to become a reality.
“This is a hugely exciting development that will spectacularly open up a large riverside area that has effectively been closed to the public since the 1970s when the HMRC complex was built. Our proposals will bring interest and investment to the area and provide a natural, contemporary extension to the existing Saltaire footprint.
“Our completed development will become a modern interpretation of the neighbouring Saltaire village, bringing much needed sustainable family housing in an accessible, well connected and environmentally responsible setting.”
He added: “Progressing such a large development on the very edge of a UNESCO World Heritage site brings its own set of challenges and responsibilities, and we have taken time to understand and reflect the unique historical contexts of the Salts Mill location.
“Our final proposal, developed in partnership with Yorkshire-based architects Axis Architecture, is the result of a more than 18-months of design and architectural planning.
“This has been supported by a comprehensive and broadly very positive public consultation programme – including two design workshops with local stakeholders and three major public events.”
Artisan’s scheme will demolish the existing seven-storey HMRC building which consists of two large hexagonal office blocks, with a construction start on site forecast for early 2024.
Prior to the HMRC development, the Saltaire Riverside was used as occasional storage shed area, allotments and grazing land for canal ponies.
Saltaire Village is named after Sir Titus Salt who built a textile mill known as Salts Mill and the supporting village overlooking the River Aire in the second half of the 19th century. Designed by architects, Lockwood and Mawson, Saltaire followed in the footsteps of other model settlements in providing a relatively healthy environment for workers to reside and work.
Saltaire has Italianate architecture and a rich history and was designated a World Heritage Site by UNESCO in 2001. The village is considered an outstanding example of mid-19th century philanthropic paternalism and had a profound influence on developments in industrial social welfare and urban planning in the United Kingdom and beyond.
It’s green for go as Wellspring launches fund-raising initiative
Harrogate mental health charity, Wellspring Therapy & Training, is calling on individuals, schools, businesses, churches and community groups to dress green for mental health in October.
Why green? The green ribbon is the international symbol for mental health awareness. Those taking part in Wellspring’s campaign will choose a date in October to wear a green item of clothing and donate towards Wellspring’s affordable counselling services.
This campaign ties in with World Mental Health Day on October 10, which raises awareness of mental health and drives positive change for everyone’s mental health. The theme for 2023 is: Mental health is a universal human right.
Emily Fullarton, executive director of Wellspring, said: “This is a vitally important message, which we will be promoting, not just this month, but in the months and years to come. And this is why Wellspring works so hard in the local community to support those who are experiencing distress and to prevent further mental health problems.”
She explained: “By taking part in Wellspring’s Dress Green Day, people will be making a very real difference in their local community. It is also an opportunity to continue the vitally important conversation surrounding mental health.
“It would be tremendous if you could Dress Green and be seen to support Wellspring. You could also ask your school, business or local community group to join in too. It’s a fun way to fundraise for us and a great way to start a conversation about mental health.
“World Mental Health Awareness Day is taking place on October 10, but you can choose any day in October to take part. Whatever suits you best. Once you’ve chosen your date, spread the word, tell everyone what you’re doing, when and why. You could pop one of our posters up in the office, share with your friends on social media or add a mention in your school newsletter.
“You could also set up your own fundraising page that is linked to Wellspring on JustGiving to collect your donations. If you prefer, you can also donate directly to us online through our Donation Form.”
She added: “For schools, businesses, churches, or local community groups, simply ask your students, employees, or members to make a suggested £2-10 donation to Wellspring and to wear something green instead of their usual clothing or uniform. This could be one green item or going all out in a fully green outfit with green accessories! Or you get creative with a green party, a green lunch or anything green themed.”
Once an organisation has signed up, Wellspring will be in touch about sending out a #DressGreen resource pack, including stickers, a #DressGreen digital poster, and some specially designed mental wellbeing bookmarks. After the challenge has been completed Wellspring will send out a certificate for everyone who took part.
The number of counselling self-referrals that Wellspring has received over the past six months has more than doubled since the same period in 2021. Wellspring is responding to this mental health crisis by growing their services, seeing over 150 clients each week, an increase of around 22% compared to this time last year.
The counselling services Wellspring provides would cost clients a minimum of £50-£80 per session from a private counsellor, but Wellspring only asks clients to contribute what they can towards their sessions. Many can only pay a small amount and so the support of generous individuals, businesses, churches, and funding organisations helps to bridge this gap for clients.
Wellspring Therapy & Training is a charity based in Starbeck, Harrogate, providing affordable, psychological support to children, young people and adults experiencing emotional distress, and promoting good mental health through education and training.
Food ingredients supplier secures $55m financing deal
Food ingredients supplier, Jain International Foods, trading in the UK as Sleaford Quality Foods, has secured a $55 million cross-border asset-based lending (ABL) and cashflow facility from private debt fund Blazehill Capital, alongside Wells Fargo USA and KBC.
Proceeds from the financing will be used to refinance existing indebtedness and provide additional liquidity to support Jain International Food’s working capital, enhance its food innovation capabilities, and drive cost efficiencies.
Jain International Foods is a subsidiary of Jain Farm Fresh Foods Limited, a processor of fruits, vegetables and spices. It consists of three entities, Jain Farm Fresh Food Inc, Sleaford Quality Foods Limited, and Innovafood N.V.. With an expected consolidated revenue of approximately $160 million in 2023, Jain International Foods is well-positioned for growth having shown resilient performance through the pandemic.
Lincolnshire-headquartered Sleaford Quality Foods, founded in 1968, was acquired by Jain Farm Fresh Foods in 2010. It specialises in importing, processing, and distributing dehydrated foods and spices, offering over 650 dried and dehydrated food products, including its own Chef William and Our Earth brands. California-based Jain Farm Fresh Foods Inc. specialises in the processing and distribution of dehydrated foods, including bell pepper, tomatoes, and onions, to large global customers.
Blazehill Capital and Wells Fargo USA structured a hybrid ABL and cashflow facility which can be drawn in the UK and USA to maximise flexibility. The company was advised by Olympia Capital Partners (led by Nedim Music and Peter Lizza) and Hogan Lovells. Blazehill Capital was advised by a cross-border team from Dentons led by Simon Prendergast. Legal counsel for Wells Fargo was served by Bill Starshak, Prisca Kim, and Randall Klein from Goldberg Kohn.
To strengthen its position in the food industry, the company has already implemented operational efficiencies and is committed to exploring expansion opportunities in new food categories and branded product lines.
The UK frozen food market is projected to reach £6.1 billion by 2026, underscoring a favourable market environment characterised by increased demand for long shelf-life food products, including vegetables. Similarly strong industry tailwinds in the United States provide the company with multiple opportunities for global growth and expansion.
Paul Lawlor, CFO of Jain International Foods Ltd, said: “This new facility represents a pivotal moment in our business journey. As demand for long shelf-life food products grows, we’re positioned to capitalise on burgeoning market opportunities and further enhance our industry leadership. The Blazehill Capital and Wells Fargo teams worked closely with us to understand our unique needs and establish a facility tailored to our ambitions.”
Adam Sookia, Head of Investments at Blazehill Capital, said: “We are extremely proud to be working with Jain; a global business with a strong local presence in Lincolnshire, Jain has demonstrated its resilience and best in class governance over recent years. We look forward to seeing the company through its next chapter, setting new standards of food innovation and quality whilst working with partners to ease inflationary pressures on consumers.”
Coca-Cola Europacific Partners to make £31m investment at Wakefield manufacturing site
Coca-Cola Europacific Partners (CCEP), the independent bottler of Coca-Cola, is making a new £31 million investment at its manufacturing site in Wakefield, Europe’s largest soft drinks plant by volume.
The investment will help develop a new state-of-the-art canning line, which will be operational in 2024 and will be capable of producing 2,000 cans per minute. The new line will provide additional production capabilities for CCEP’s light-weight 330ml cans, and advanced technologies will be incorporated into the line to help minimise energy, water and CO2 consumption.
Energy and water savings come from innovations such as air rinsing capabilities, dry lubrication on conveyors and an auto-sleep function on motors. In addition to the 500-strong workforce at the site, the new line will create 28 roles and additional training to upskill the workforce.
Funding will also go towards infrastructure upgrades to optimise the factory for production and future innovations. This will include the construction and fit of a new raw materials storage warehouse, plus additional utilities storage and the expansion of other facilities on site. It also supports the recent implementation of attached cap production capabilities on two of the site’s lines, making it easier to recycle the entire plastic bottle with no cap left behind.
The site has received £118 million in investment since 2017 and this latest milestone marks another step in supporting CCEP’s sustainability action plan, This is Forward.
Colleagues at the site in Wakefield are also focused on attracting more diversity into the business’s supply chain as part of CCEP’s ‘Everyone is Welcome’ ethos. This includes encouraging women and others who might not have considered a career in manufacturing previously.
As part of these efforts, the bottler has opened up multiple vacancies which will also include roles for the new line at CCEP’s site in Wakefield specifically for those with little or no experience of working in manufacturing. The business’s apprenticeship programme has also evolved over recent years, targeting all ages and skill levels to open up pathways for those looking to step into the world of work, or change career direction.
Vanessa Smith, Director of Supply Chain Operations, Coca-Cola Europacific Partners, said: “We’re committed to developing our sites to keep at the forefront of innovation, ensuring we can continue to deliver drinks to our customers and to consumers in a sustainable way. This latest investment underscores our commitment to our Wakefield site and the 500 colleagues who work here, from our apprentices to our longest-serving employees.
“As well as innovating our production capabilities, we’re committed to recruiting more diversely to reflect the communities we operate in, including bringing on more women and others into manufacturing, logistics and distribution roles. We’re shifting hiring processes to focus on skills and aptitude rather than just historical qualifications, for example, and are offering more flexible working options to better suit a range of lifestyles.”
Stephen Moorhouse, Vice-President and General Manager, Coca-Cola Europacific Partners (GB), said: “The latest development at Wakefield is a milestone investment that will allow us to take the next step in our sustainability journey while making positive contributions to our local community here in Wakefield.
“Wakefield is our largest manufacturing site, offering a wide range of modern manufacturing jobs and sitting at the heart of many of the latest manufacturing technologies. As a result, in just five years, we’ve invested more than £100 million into the factory, helping us to accelerate our path to net zero and support the local economy.”
Andrea Jenkyns MP says: “I am delighted to see CCEP’s substantial investment of £31 million in the Wakefield plant. This demonstrates their unwavering confidence in the local economy and reaffirms their commitment to growth and job creation. With new jobs on the horizon, this investment not only strengthens the plant’s position as the largest in Europe but also bolsters the region’s economic vitality. We applaud CCEP for their vision and dedication to our community’s prosperity.”
New law promises tougher measures to tackle late payments
The government is planning tougher measures to tackle late payments to small firms so more can get paid on time.
The Prompt Payment & Cash Flow Review, due to be published shortly, aims to reduce the payment backlog which last year saw SMEs owed an average of about £22,000 in late payments, causing owners and managers spending disproportionate time chasing payments, and making even good, viable firms struggle.
New measures to be announced in the review will include:
- Extending the Reporting on Payment Practices and Performance Regulations 2017. Following consultation, Government will take forward legislation to extend payment performance reporting obligations. We will include new metrics for reporting, including a value metric, so businesses and commentators can see the value of invoices, including invoices paid late, and a disputed invoices metric. We will also introduce reporting on retention payments for businesses in the construction sector.
- Providing greater advice to small businesses on negotiating payment terms that better suit them, and on how going digital can help them get paid quicker and manage their cash flow.
- Broadening the powers of the Small Business Commissioner: Introducing broader responsibilities, enabling the Commissioner to undertake investigations and publish reports where necessary on the basis of anonymous information and intelligence. This will require primary legislation, so will be subject to the legislative timetable.
“SMEs that are paid on time can do more business, scale up and make more profits, delivering growth for the economy.”
Leeds legal firm snapped up
Prosperity Law has acquired Carrick Read, Leeds.
Headed up by Andrew Laycock, Carrick Read has provided Insolvency Law advice, corporate and commercial legal services, commercial litigation services and volume debt recovery services for over 23 years.
Ed Smethurst, managing partner at Prosperity Law, said: “Acquiring Carrick Read was a perfect opportunity for us. We have always respected the firm as a long-established and reputable practice with aligned values and business practices to our own.
“Both companies have a strong reputation in the North West – we know the challenges and opportunities faced by the local market and this acquisition ensures we can continue to grow and offer great service and advice to all our clients. We extend a very warm welcome to the new clients joining us, as well as the team at Carrick Read and look forward to a great future together.”
Andrew Laycock, principal at Carrick Read, said: “The acquisition will enable us to provide a wider base of services than previously and also increase the geographical reach of the extended firm. It will also provide us with a greater depth of resources in ongoing work. We’ve chosen to join forces with Prosperity Law both because of their similar approach to client service but also a collegiate approach to the provision of legal services.”
Prosperity Law has offices in Manchester, Liverpool and London.
Priestley Construction builds on senior team
Bob Priestley has been appointed to the Board of Directors as construction director at Priestley Construction. The company has also promoted Dan Wright to commercial manager, following a string of new contract wins. Both have an impressive track-record in the construction industry.
Bob joined the company in 2021 as a contracts manager and quickly impressed, being promoted to head of construction in 2022. Bob has more than 35 years industry experience and is a well-known and respected construction manager who has successfully overseen several multi-million-pound developments and headed up regional business units across Yorkshire, the Midlands and the North West. Dan, who previously was Priestley’s senior quantity surveyor, can demonstrate more than 20 years industry experience across all sectors, including the residential and student accommodation markets. Dan joined Priestley Construction 16 months ago and has previously undertaken project manager and operations director roles at other well-known companies.
Bob said: “I am thrilled to be joining the Board and taking a key role in the evolution and continued growth of this impressive business.
“In my new role, I will be responsible for the safe and timely delivery of all our construction projects, with a current value in excess of £80 million. These involve delivering a total of over 500 apartments and houses, hotels, industrial units, and office schemes for our valued clients across the UK.
“Renovating historic and listed buildings has been our staple here at Priestley Construction and I’m looking forward to enhancing this reputation further as well as growing our business in the commercial sector including the industrial, office and hotel markets.
“We’re also currently working on an up-market bar and restaurant project in Islington, London and plan to expand further in the capital, as well as working with overseas clients keen to invest in the UK.”
Dan said: “It’s a great business and a great team. In my new role, I will oversee our projects from start to finish, with my focus being firmly on delivering all projects within budget.”
Nathan Priestley, founder and CEO of the Priestley Group, said: “Bob and Dan are both trusted construction stalwarts that know how to win, manage and deliver projects and they will both be instrumental in growing our business.
“These promotions continue our policy of promoting from within and rewarding dedication, hard work, and delivery on our company principles.”
Fifth of SME owners plan to sell all or part of their business, survey discovers
A fifth of SME owners plan to sell part or all their business within the next two years, according to a study conducted on behalf of Handelsbanken Wealth & Asset Management.
A further one in ten expect to downsize their businesses over the same period. Of these, a third blame rising costs, 18% cite performance-related issues, and a further one in six need to release liquidity to deal with the cost-of-living crisis.
But while rising costs and profitability were among some of the catalysts for selling up or making a change, the research also shows that many owners are motivated to sell all or part of their business for positive reasons. 40% plan to release liquidity to invest in other business ventures, for example. Just six percent said they are planning to sell their entire business within the next two years, with 20% citing retirement as the driving factor, and a further 20% having to do so due to an absence of family succession options.
Despite the multiple challenges faced by many SMEs, half have no plans to change their firm’s size or ownership status. Furthermore, one in six is considering scaling up operations within the next two years, indicating a welcome degree of optimism among this business segment.
Christine Ross, Head of Private Office (North) and Client Director at Handelsbanken Wealth & Asset Management said: “Making changes to your business – whether you’re expanding, downsizing, selling or starting something new – can be a very exciting time, but it can also be very stressful. If you’re releasing money from your business by selling all or part of it, it can feel like a big weight off your mind when the process is finally concluded. However, there’s also the question of what to do with the proceeds of a business sale, as you enter the next chapter of your life.
“This is a good time to take stock of your situation, and focus on your goals for the future. It’s important to remember that many of the tax advantages you enjoyed as a business owner may no longer be available to you, so consider taking professional advice as early as possible to help work out the best options for you.
“For example, setting up a family trust prior to your business sale could make use of inheritance tax reliefs, if this meets your financial and estate planning objectives. You might also want to make the most of allowances around ‘gifting’ money to help the next generation, if it suits your personal situation, or invest in financial markets an effort to protect the value of your capital against inflation. Whatever you choose to do next, make sure you understand the risks and potential rewards involved.”
