Largest Build to Rent funding deal to date secured for Leeds City Centre

Tess Egginton
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Largest Build to Rent funding deal to date secured for Leeds City Centre
Legal & General (L&G) and Glenbrook have announced the funding of a £140m residential development in Whitehall Riverside in Leeds, committing to the delivery of 500 new homes. This marks the third scheme funded by L&G in the city and, upon practical completion, will bring the number of new rental homes it has delivered in Leeds to over 1,000. Glenbrook is leading the development of the Whitehill Riverside scheme, with completion expected in April 2026. The Whitehall Riverside development will be made up of residential apartments, all designed for rental occupancy. The development consists of a mix 1, 2, and 3-bed flats and includes resident facilities such as a concierge, lobby, gym, podium gardens and terraces. The project resides on the banks of the river Aire and includes ground floor retail and 60 parking spaces. The development sits within a new residential and business district in Leeds City Centre. As part of the wider masterplan for Whitehall Riverside, the development will act as a catalyst for the creation of a new mixed-use riverside destination – aiming to cement its position as the leading place to live and work in Leeds City Centre. The investment follows L&G’s acquisition of Mustard Wharf BTR site in 2017 and Tower Works in 2021 – both of which sit within Legal & General Investment Management’s (LGIM) Build to Rent Fund. L&G were advised by Savills and Glenbrook were advised by CBRE. Adam Burney, head of annuity BTR at Legal & General Investment Management Real Assets, said: “The BTR sector has continued to see substantial and sustained growth in recent years, as investors continue to be attracted by burgeoning demand for high quality rental property in the UK. We’re pleased the asset class has proven resilient through recent macro-economic pressures – this latest scheme reaffirms our confidence in the market, as well as the growth prospects of city centres like Leeds.
“The Whitehall Riverside development has been designed with a focus on lifestyle and resident satisfaction, aiming to ensure quality, operational efficiency, and long-term environmental sustainability that meet the needs and aspirations of residents. As a major investor in UK real estate, we remain committed to levelling up the UK by ensuring communities across the country have adequate access to employment, infrastructure and housing, seeking to make policy objectives a reality.” Ian Sherry, director at Glenbrook, said: “To have secured the largest funding deal Leeds has seen, against such challenging economic conditions, demonstrates the strength of the investment proposition we have created here at Whitehall Riverside. This will be a best-in-class residential scheme on one of the most prominent sites and locations in the city.
“Working with our trusted partners, Glenbrook is at the forefront of the UK’s BTR drive, delivering exceptional schemes which meet residents’ evolving needs. L&G’s continued commitment to both Leeds and to Whitehall Riverside is a further demonstration of their belief in the quality of the scheme, the City’s residential market and acknowledges the clear demand for well-managed, highly sustainable, purpose-built accommodation.” Andrew Kail, CEO of Legal & General Retirement Institutional, said: “Today’s announcement showcases our commitment to deliver positive social outcomes across the UK. By investing in the growth of residential areas, such as the Whitehall Riverside development in Leeds, we are supporting a truly vibrant city that hosts key economic and employment sectors such as healthcare, life sciences, digital technologies, advanced manufacturing, as well as financial and professional services. This investment has a powerful intergenerational aspect – an example of how we are using pension savings to create productive assets for future generations.”

Levelling up funding could create 300 new jobs in centre of Hull

Stuart Pearcey
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Levelling up funding could create 300 new jobs in centre of Hull
Almost 300 jobs could be created at Hull city centre’s House of Hammonds building, thanks to a Government grant awarded to ResQ by the council. The second floor of House of Hammonds will be renovated and brought back into use by the call centre company which currently occupies the first floor. A Levelling Up grant of £750,000 has been awarded to ResQ Limited who will expand their current operations. The funding will be used to refurbish the second floor including the creation of office and reception areas with new doors, walls, handrails and fob controlled entry/exits, as well as the installation of new electrics, plumbing and heating and decoration throughout. The total project cost is just over £2million. Garry Taylor, assistant director major projects, culture & place, said: “This project shows real commitment from Res Q Limited to a key city centre heritage building, with the creation of almost 300 jobs a huge benefit to the city. “The Levelling Up Funding scheme continues to benefit many buildings and businesses in the city and this is another great example of this.”

Lincolnshire Housing Partnership secures £30m ESG-linked revolving credit facility

Tess Egginton
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Lincolnshire Housing Partnership secures £30m ESG-linked revolving credit facility
Lincolnshire Housing Partnership (LHP) have arranged a £30m 7-year revolving credit facility (RCF) with Danske Bank. The ESG ready facility includes a 15-year term option, providing further flexibility. The new facility, as well as maintaining LHP’s strong liquidity levels, supported the removal of restrictive covenants within its portfolio. Centrus acted as sole advisor to LHP and arranged the RCF. Anthony Collins advised on the corporate and legal aspects including security. Kathryn Price, executive director of finance – LHP, said: “We are delighted with our new relationship with Danske. The new facility as well as helping maintain our strong levels of liquidity, has helped facilitate the removal of restrictive covenants. This leaves LHP in a significantly stronger position to deliver our planned investment strategy and deliver better homes for our customers.” Terri McCullagh, corporate banking manager – Danske Bank UK, said: “Danske Bank has been the lead bank provider of finance to the social housing sector in Northern Ireland for many years and we have been growing our presence in the sector in the rest of the UK. We are pleased to start 2023 with a significant transaction in England which will support the provision of much needed rental and shared ownership homes to people and communities in Lincolnshire.” Tom Miller, assistant director – Centrus, said: “We are delighted to have supported LHP during the fund-raising process. The facility has helped to unlock increased capacity that will ensure LHP are able to maintain high levels of investment in their stock. Centrus has been at the forefront of developing the RP market for ESG-linked funding, where the ability to reduce borrowing costs offers tangible benefits.”

Work starts to create new headquarters for Bradford 2025

Tess Egginton
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Work starts to create new headquarters for Bradford 2025
Work has started to transform a former restaurant space in Centenary Square in Bradford into the new headquarters for Bradford 2025 – the team developing and delivering the district’s UK City of Culture programme. Bradford 2025 has signed a three-year lease for the 6,383 sq ft space located on the first floor of the retail and leisure development opposite Bradford Town Hall, owned by Yorkshire-based property investor, Rushbond. It will become the permanent hub for the growing Bradford 2025 team, who will move from their temporary premises in the corner unit of the same building, once the fit-out is complete. The office design and fit-out is being delivered by Bradford-based multi-disciplinary design and architecture company, David Craig Design Consultancy. It will feature functional workspace and hot-desking facilities for the core team, as well as collaborative meeting spaces and break-out areas where the team can work with the many partners, producers, artists, creatives and more involved in the year of culture. Later this year, it will also include a ground floor information point where the public will be able to find out more about the programme once announced, and purchase tickets to events in 2025. David Craig, director of David Craig Design Consultancy, said: “I am delighted to be able to help Bradford 2025 design and deliver a collaborative workspace for their growing team as they ramp up in readiness for an exciting year of culture in our district. “As a local small business, it’s a great show of confidence from the 2025 team in the talents of homegrown businesses, and I am excited to be able to build on our experience of running the Assembly Bradford creative workspace to create an original, vibrant, functional and accessible space that will be used and visited by so many people in the run up to and throughout 2025.” Added Dan Bates, executive director of Bradford 2025: “We’re thrilled to have found a permanent space that enables us to remain here, in the heart of the district, over-looking City Park. This place played such an important part in the story of Bradford winning UK City of Culture – who can forget that now iconic image of the crowd rapturously celebrating the district’s win here last May. “We want to create a headquarters that sets the tone for our ambitions for our City of Culture year – collaborative, creative and authentically Bradford, and we’re excited to be working with local contractors to bring that vision to life. This is a great central location which will provide the perfect backdrop to plan and deliver an incredible year of district-wide performances, events and festivals to put Bradford on the map on an international stage.”

Yorkshire & Humber business activity growth continues to lag behind UK average

Tess Egginton
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Yorkshire & Humber business activity growth continues to lag behind UK average

The headline NatWest Yorkshire & Humber PMI® Business Activity Index – a seasonally adjusted index that measures the month-on-month change in the combined output of the region’s manufacturing and service sectors – once again recorded above the crucial 50.0 no-change mark in March, signalling back-to-back monthly expansions in private sector business activity across Yorkshire & Humber.

However, at 50.7, this was down from 52.6 in February to signal a slowdown in growth. It also compared with a reading of 52.2 for the UK as a whole, with the region ranking as one of the weakest-performing at the end of the first quarter.

The seasonally adjusted New Business Index registered only slightly above the 50.0 no-change mark once again in March, signalling a further marginal uptick in demand for Yorkshire & Humber goods and services. Nevertheless, this signalled the best improvement in order books for six months.

Compared to the other 11 monitored parts of the UK, Yorkshire & Humber firms recorded the weakest rise in new business and lagged behind the national average by a notable margin.

Private sector companies in Yorkshire & Humber were strongly optimistic towards the 12-month outlook for business activity in March. The level of confidence also improved, rising to its highest in almost a year. New product launches, increased demand and expansion plans were reasons given by companies that were upbeat on their prospects.

Private sector staffing levels across Yorkshire & Humber were broadly unchanged during the latest survey period, as evidenced by the respective seasonally adjusted index recording close to the 50.0 no-change mark.

While some companies expanded their workforce numbers to boost capacity and accommodate higher sales, others opted to not replace voluntary leavers.

Adjusted for seasonal influences, the Outstanding Business Index fell below the 50.0 no-change mark in March, signalling a decrease in backlogs of work across the Yorkshire & Humber private sector. The rate at which pending orders were cleared was marginal and slightly faster than seen across the UK as a whole in March.

Private sector companies across Yorkshire & Humber continued to observe rapid increases in their operating costs during March. According to respondents, higher expenses relating to transport were seen, although others remarked on general price increases for a variety of items and services.

That said, the rate of inflation eased to a 25-month low during March, partly reflecting a drop in the price of certain raw materials.

Following the trend seen in input costs, private sector companies across Yorkshire & Humber raised their selling charges sharply, but to the weakest extent in just over two years during March. In many cases, higher output prices reflected efforts to pass on greater cost burdens to clients.

In comparison to the other 11 monitored parts of the UK, only Northern Ireland, the West Midlands and South East saw faster increases in selling charges.

Malcolm Buchanan, chair of the NatWest North Regional Board, said: “A sustained upturn in private sector output in March is good news, rounding off a positive opening quarter of the year despite January’s decline. However, activity and new order growth across the region lagged behind that seen across the UK as a whole in March, with Yorkshire & Humber firms ranking among the bottom performers on both counts. “Encouragingly, a strengthening of business confidence to a ten-month high suggests that companies are looking beyond March’s slowdown and are optimistic of growth in the coming year.”

Printer cartridge supplier fined £4,000 for misleading advertising

Stuart Pearcey
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Printer cartridge supplier fined £4,000 for misleading advertising
Scarborough-based printer cartridge supplier Your Printer Cartridge Company of Hoxton Road, Scarborough, has been fined £4,000 by York Magistrates after pleading guilty to three offences of misleading advertising. North Yorkshire Council’s trading standards service launched an investigation after receiving complaints from small business owners who had bought cartridges. Although the owners believed the cartridges were from genuine, original manufacturers, they had been remanufactured, and either did not work at all or printed very poorly. In one case, the administrator at a food bank was informed she would receive a genuine Canon product. She was told it was half price because it was old stock that had not been sold to schools and government organisations because of the pandemic. The owner of a motor repair business was told “all we sell are originals… we don’t do any compatibles or refills”. An office manager was quoted a price for HP cartridges but when he tried to use the items supplied the printer displayed a message saying they were not original. The court heard that the company directors, Laura Cooper and Lee Keenan, have provided written undertakings to the trading standards service about their future conduct in operating this or any other business. In addition to the fine of £4,000, the company was ordered to pay £190 victim surcharge to the court and £700 in prosecution costs. Executive member for trading standards, Cllr Greg White, said: “The last few years have been particularly tough for small businesses, and it is disappointing that a company based in North Yorkshire has added to those difficulties by misleading customers about its products. “We want the county to be a place where new and existing businesses can thrive and grow, and our trading standards team will take action to protect legitimate businesses as well as consumers.”

Leading industry figures set out vision for future of Hull KR

Stuart Pearcey
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Leading industry figures set out vision for future of Hull KR

Two key members of the new board of Hull KR will explain how they plan to use their experience to build a bright future for the club to a corporate crowd at a business brunch.

David Kilburn, co-founder of building supplies giant MKM, and Paul Sewell, chair of the multi discipline Sewell Group, will take the stage at the event on Thursday 4 May. The pair, who have known each other for more than 40 years through their work in the construction sector, are also expected to reflect on milestones in their own careers, insight to their mindset and approach to business, plus the importance of business and sporting investment to the social and economic development of Hull and East Yorkshire. Paul Lakin, Chief Executive of Hull KR, said: “David and Paul got together recently for some media interviews. They’d never done that jointly before and it became clear straight away that there was a chemistry between them and a candour which would be of great interest to a business audience. “They’re happy to talk with other business people about the factors which attracted them to rugby league and the potential they see at Hull KR and in the sport generally. “It’s a one-off event and a chance to engage directly with two people who have built businesses in our East Hull heartland and achieved great success. We’re expecting strong interest in the event from our existing sponsors and business contacts who want to hear from two of the most successful entrepreneurs in the region.” David founded MKM in 1995 and the business boomed thanks to a strategy of rolling out a network of branches managed by people who were local to that community, and who held a stake in the business. The company now employs 2,600 people working across more than 100 sites nationwide. Sewell Group dates back as a construction business to 1876 and over the years has branched into filling stations and convenience stores, facilities management, consultancy, investments, data mapping and intelligence. It employs more than 500 people and looks after them better than most firms in the country, winning the Queen’s Award for Enterprise for Promoting Opportunity and making countless appearances in the UK’s 100 Best Companies to Work For Awards. Paul Sewell became chair of the club in November 2022 and set about assembling a board which would support Paul Lakin and the owner, Neil Hudgell. He said: “We are a board that has come here to help and to attract investment and make this the best-run Super League club in the country, not the richest. That’s why we’ve got the best business people I know. I look forward to sharing some stories and insight at the event.

Forrester Boyd promotes four to managerial positions

Stuart Pearcey
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Forrester Boyd promotes four to managerial positions

Forrester Boyd Chartered Accountants has promoted four of its home-grown accountants. Alex Shreeve and Katie Reeson celebrate being promoted to manager positions, whilst Amelia Jacklin and James Sykes celebrate becoming assistant managers.

Carrie Jensen, partner and HR lead for the firm said: “These four all started their careers with Forrester Boyd on our training programme. These promotions reflect the success of our training and how we help our staff to continually develop in their career paths.” Alex Shreeve joined the firm in 2009 and became an assistant manager in 2018. This promotion to manager sees him take the next step in his career, sharing his time between the firms’ Grimsby and Scunthorpe offices. When not at work, you can normally find Alex getting involved in some kind of sporting activity, whether football, golf, cricket or anything else he can find time to get involved in. Katie Reeson has also been promoted to manager. Katie works in the firms’ Louth office having joined in 2015. She has built in-depth knowledge and expertise in the Academies and Charities sectors. Katie manages a wide portfolio of clients working particularly closely with Chief Financial Officers and School Business Managers. Another keen fitness fanatic, when not at work or in the gym, Katie enjoys travelling and visiting new places on holiday. James Sykes is based in the Scunthorpe office, having joined as a trainee accountant in 2017 going on to qualify in 2021. He has a particular interest in personal tax planning and VAT. James is another keen sportsman in his spare time. Amelia Jacklin, based in the firm’s Louth office, has been promoted to assistant manager having joined in 2016 at the Grimsby office. She works with a wide portfolio of clients from individuals through to partnerships and companies. Carrie continued:“These achievements are just another example of the success in our strategy in recruiting and developing local and home grown talent. I, like most of the partners in the firm, started on Forrester Boyd’s trainee accountancy programme so it is great to see even more of our talent progressing internally with their careers.”

Business optimism’s on the increase, according to Hull & Humber Chamber survey

Stuart Pearcey
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Business optimism’s on the increase, according to Hull & Humber Chamber survey

Businesses in our region adopted a more optimistic tone in this year’s first quarter than they have for months, according to the latest Quarterly Economic Survey results from the Hull & Humber Chamber of Commerce.

After months of soaring inflation and rising interest rates which saw businesses battening down their hatches to survive the economic storm, they now seem more prepared to stick their heads above the parapet as those storm clouds begin to lift, but it’s still far from plain sailing for many. Businesses had encouraging news on their domestic sales and orders, with both sectors showing an uplift in the first part of this year. Home Sales saw the balance figure climb back into positive territory, up by 26 points to 13, while Home Orders improved by 19 points, but the balance figure was still negative at –8. In the Quarter 1 survey, a third of firms said they expected turnover to improve in the next 12 months, with the balance figure rising from –9 in Quarter 4 of 2022 to 24 points in this quarter. Profit expectations are also headed in the right direction again, but remained in negative territory, with the balance figure rising from -55 to -28 points. Twelve per cent more of the firms which took part also said they were now working at full capacity, although 55 per cent were not. Set amidst hopes that inflation has just about peaked, slightly fewer businesses said they expected prices to rise in the next three months, with the balance figure dropping six per cent to 57. However, there were still many things concerning businesses as they head into the second quarter of the year. The biggest of these were raw material costs, with more firms expressing concern than in the previous quarter. Finance was also a key concern, while pay settlements was less of an issue this quarter, as were other overheads. Tax proved to be the biggest external concern for companies in this quarter, more businesses were concerned about interest rates and business rates, while only 64 per cent of firms saw inflation as a major worry. Competition and exchange rates saw little change in this quarter. The employment figures also made encouraging reading with 38 per cent of firms saying they were planning to look for new staff in the next three months, with the balance figure climbing to 33 points. Chamber External Affairs Director David Hooper said: “This set of survey results are the most positive we have seen for some time in terms of business optimism for the next 12 months, but there is still plenty to concern companies on the economic front. “Cashflow is still a challenge for some, and there is little investment in staff training, although the manufacturing sector is looking more confident with more firms investing in plant and machinery in the last quarter. “With hopes of improved turnover and profit expectations for the next 12 months, we may be entering a new period of growth, however, staffing issues are still a major concern for Humber firms, a view reinforced by the Chamber’s Area Council meetings where staffing issues are always a hot topic in our State of Trade round-ups.”

Testing time: Government plans to send test emergency text message on Sunday

Stuart Pearcey
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Testing time: Government plans to send test emergency text message on Sunday
At 3pm next Sunday 23 April, everyone will get a text message on the home screen of their mobile phone, along with a sound and vibration for up to ten seconds as the Government tests an emergency alert system. The message will say: “This is a test of Emergency Alerts, a new UK government service that will warn you if there’s a life-threatening emergency nearby. “In a real emergency, follow the instructions in the alert to keep yourself and others safe. “Visit gov.uk/alerts for more information. This is a test. You do not need to take any action.” For the test, the public does not need to take any action – the sound and vibration will stop automatically after ten seconds. All people need to do is swipe away the message or click ‘OK’ on their phone’s home screen – just like for a ‘low battery’ warning or notification – and continue to use their phone as normal. Best practice of Emergency Alerts in other countries have shown that they work more effectively when there is a real emergency if people have previously received a test, so they know what an alert looks and sounds like. Chancellor of the Duchy of Lancaster Oliver Dowden said: “Getting this system operational means we have a vital tool to keep the public safe in life-threatening emergencies.  It could be the sound that saves your life. “Emergency Alerts have already been used successfully in a number of other countries, including the US, Canada, the Netherlands and Japan, where it has been widely credited with saving lives, for example, during severe weather events. In the UK, alerts could be used to tell residents of villages being encroached by wildfires, or of severe flooding.” Chief Fire Officer Alex Woodman, Lead for Local Resilience Forums at the National Fire Chiefs Council, added: “We must use every tool at our disposal to keep people safe, and we need everyone to play their part – and the new Emergency Alerts system is one way we can do this. For 10 seconds, the national test may be inconvenient for some, but it’s important, because the next time you hear it – your life, and the life-saving actions of our emergency services, could depend on it.” The Government has worked together with the emergency services and partners, including the Football Association and London Marathon, to make sure the national test has minimum impact on major events taking place on the day.
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