Funding package backs West Yorkshire joinery firm MBO

Stuart Pearcey
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Funding package backs West Yorkshire joinery firm MBO

West Yorkshire-based bespoke joinery manufacturer Design and Display is poised to expand into new markets and create new jobs following a change in ownership.

HSBC UK has provided a seven-figure funding package to support the management buyout as current MD Jon Worsnop takes a 91% stake in the business.

Specialising in the designing and manufacturing quality bespoke interiors, the business is now targeting further growth, aiming for £12 million in revenue over the next two years through expansion into the student accommodation and hotel markets.

With a current workforce of 53, Design and Display Limited plans to create further positions on the warehouse floor, bringing the total to 65 employees at its purpose built 80,000 sq ft facility.

Following on from the completion of the MBO, the business will enhance its service offering with the capability of product installation onsite.

Jon Worsnop said: “The ownership transition will enable us to be better prepared and positioned for future growth as market demands and our service offering evolves. Since starting this journey in 2020,transforming the business into a profitable operation has been hugely rewarding. And, with HSBC UK’s support, I’m thrilled to embarking on the next chapter as majority stakeholder.”

With an establish presence in the retail and residential marketplace, Design and Display Limited currently serves a diverse clientele, including notable names such as Dunelm and Berkeley Homes, as well as projects like the 12 Trees Park housing estate in London.

1 East Parade nears full occupancy with new A&M lease

April Lara
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1 East Parade nears full occupancy with new A&M lease

Alvarez & Marsal (A&M), a professional services firm, has secured a 10-year lease for 6,513 sq ft on the sixth floor of 1 East Parade in Leeds. JLL arranged the deal with The Future Workplace Property Unit Trust (Schroders Capital), the building’s landlord.

The office building, which has undergone significant refurbishment, offers a total of 52,990 sq ft of modern office space across its eight floors. Following this lease agreement, only 1,442 sq ft of space remains available for rent.

Toby Nield, director at Savills in Leeds, noted that A&M’s decision to relocate to 1 East Parade highlights the demand for premium office space in central business districts, emphasising the building’s high-quality renovations and strategic location.

£64 million boost for cultural projects across the UK, including Leeds

April Lara
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£64 million boost for cultural projects across the UK, including Leeds

The UK Government has allocated over £60 million to nine cultural projects across England, Wales, and Scotland to drive local economic growth, create jobs, and enhance cultural offerings. One of the standout initiatives is the £5 million funding for Leeds, which will renovate a Grade II listed building to house the National Poetry Centre. This project will transform the space into a national headquarters for poetry, promoting the arts and providing a dedicated venue for poetry events and activities.

Other notable recipients include the National Railway Museum in York, which will receive £15 million for a new building and visitor facilities, and Liverpool’s International Slavery Museum and Maritime Museum, which will get £10 million to expand and maintain their collections. Coventry will also benefit from a £5 million investment to repurpose a former Ikea building into a cultural hub.

The Victoria and Albert Museum in Dundee will also receive £2.6 million to revamp its Scottish Design Galleries, and Worcester will receive £2.3 million to develop new cultural spaces.

These projects are expected to enhance cultural infrastructure, attract tourism, and create local jobs, contributing to regional economic growth.

Financial concerns over £4.4m loans to council-owned firm

April Lara
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Financial concerns over £4.4m loans to council-owned firm

East Lindsey District Council faces scrutiny over a series of loans totaling £4.4 million made to a company it established to manage local services. Currently, only £521,828 has been repaid, raising concerns about the financial health of Invest East Lindsey, the company in question.

In an internal council report, KPMG, the council’s external auditors, flagged “significant weaknesses” in the company’s management. The company reported a loss of £474,000 for the year ending March 2024.

Council leader Craig Leyland acknowledged that the loans were renegotiated due to factors like interest rate hikes following the Liz Truss government’s budget. He remains confident the loans will be repaid in full with interest.

However, opposition leader Jill Makinson-Sanders criticised the situation, stating that the council had failed to protect taxpayers’ interests adequately. During a recent audit and governance committee meeting, she expressed disappointment at the problem’s handling.

Grimsby’s new business hive set to boost town centre’s economic revitalisation

April Lara
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Grimsby’s new business hive set to boost town centre’s economic revitalisation

The Business Hive at St James’ House in Grimsby Town Centre is set to become a key player in the area’s business landscape. Phase one of the building is nearly ready for a spring opening, and five businesses have already secured spaces. The ground floor is fully let.

The Business Hive is part of a broader initiative to revitalise Grimsby’s town centre. Other major projects include the Freshney Place Leisure, Foodhall & Market scheme, a new youth zone, residential development at Alexandra Dock, and a new diagnostic centre. These projects are expected to attract more foot traffic and create a thriving hub for business and industry.

Funded by a £1.5 million Towns Fund grant, the renovation of St James’ House will provide a variety of spaces for businesses. Phase one includes a café and business space for the NSPCC and office space for 18 small businesses, five of which are already occupied. The second floor will feature a business hub and event space, while the top floor will offer a professional office space, with plans for a rooftop events terrace. The E-Factor team, which supports over 300 members, expects the space to be a hub for business gatherings and collaboration.

West Yorkshire pension fund expands into natural capital with £27 million investment

April Lara
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West Yorkshire pension fund expands into natural capital with £27 million investment

The West Yorkshire Pension Fund (WYPF) is expanding its natural capital investments with a £27 million equity stake in Foresight Natural Capital. This move follows the growing trend of pension funds investing in forestry as a stable, inflation-resistant asset but extends to broader natural capital opportunities, including biodiversity projects, peatland restoration, and sustainable agriculture.

WYPF, which manages £19 billion in assets, sees natural capital as a key part of its alternatives strategy, which now makes up nearly 20% of its portfolio. Sustainable agriculture has gained attention due to its ability to support ecosystem health, enhance soil quality, and reduce carbon emissions, all of which contribute to long-term resilience and economic sustainability. However, Ward notes that transitioning to regenerative agriculture involves risks such as yield uncertainty, which can deter some investors.

In addition, WYPF’s investment in Rebalance Earth, which focuses on nature-based infrastructure solutions for climate change, highlights a new approach to climate resilience. This sector, traditionally funded by public and philanthropic sources, is now attracting institutional capital. Rebalance Earth uses innovative revenue models, such as Nature-as-a-Service (NaaS) contracts, to offer predictable cash flows while addressing sustainability challenges.

Both investments reflect WYPF’s strategy to target emerging natural capital markets and align with global sustainability goals, despite challenges in quantifying returns and impact in these evolving sectors.

Unity Yorkshire development drives business growth in Doncaster

April Lara
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Unity Yorkshire development drives business growth in Doncaster

Doncaster’s Unity Yorkshire development is moving forward, bringing new business opportunities and job growth to the region. Covering more than 250 hectares near Junction 5 of the M18, the project is expected to generate over 6,000 jobs and deliver around 2 million square feet of commercial space alongside 3,000 new homes.

The development is supported by City of Doncaster Council, South Yorkshire Mayoral Combined Authority, and Homes England. A key infrastructure upgrade, the 1.8-mile Unity Way link road, has been completed to improve access between the site and nearby communities. The project is part of the South Yorkshire Investment Zone, designed to attract companies looking to expand in a central UK location.

Recent progress includes selling an 800,000-square-foot distribution centre to TJ Morris, owner of Home Bargains, with construction set to begin in spring 2025. Additional retail projects, including McDonald’s and Starbucks, have secured planning approval and are expected to open later this year. The site will also feature a new town centre, retail and leisure facilities, a transport hub, and a school, with 80 hectares dedicated to green space.

City of Doncaster Council and Business Doncaster are working to attract further investment, citing the region’s strong transport links, skilled workforce, and pro-business environment.

Council’s £105M airport plan triggers auditor warnings

April Lara
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Council’s £105M airport plan triggers auditor warnings

City of Doncaster Council’s plan to reopen Doncaster Sheffield Airport has drawn scrutiny from auditors over financial risks tied to the £105 million investment. A report from Grant Thornton, the council’s external auditor, raised concerns about the scale of public funding allocated to the project and its financial viability.

The council has established a publicly owned company, FlyDoncaster, to manage the reopening after failing to secure a private operator. The proposed funding, drawn from South Yorkshire devolution money, includes low-interest loans amounting to an effective subsidy of nearly £90 million.

In November, Grant Thornton sent a letter to the council’s chief executive warning of increased financial exposure, which has risen from an initial estimate of £16 million to over £100 million. The auditors described this escalation as a “major concern” and cautioned against the risk of “escalation of commitment” should the project fail to meet financial expectations.

A separate report revealed that the estimated cost of lease payments on the airport site has jumped from £14.8 million to £56.6 million. The audit firm advised the council to conduct further financial assessments and establish contingency plans if risks exceed acceptable levels.

The UK government has since expressed support for the airport’s reopening, though it has not committed national funding. Meanwhile, Munich Airport International has been brought in to provide operational and management services.

South Yorkshire Mayor Oliver Coppard has delayed a final decision on the investment until the summer, citing the need for independent financial assurance. Internal reports have flagged risks to public funds, prompting further review before committing devolution money to the project.

Man convicted of defrauding Leeds City Council out of small businesses grants during pandemic

Tess Egginton
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Man convicted of defrauding Leeds City Council out of small businesses grants during pandemic
A man has been found guilty of defrauding Leeds City Council out of more than £710,000 which was meant to support small businesses during the COVID-19 pandemic. Aftab Baig, from Glasgow, made fraudulent grant claims against thirty-two properties, which were branches of Greggs, arranging for the money to go into his business account. He did this at the height of the pandemic while the country was locked down and small businesses struggled to stay afloat. The money came from the Small Business Grant Fund, one of several schemes set up by the Government to help small businesses with business rates relief. In May 2020, Baig contacted Leeds Council pretending to be a Group Property Manager at Greggs Head Office asking for business rates numbers for Leeds branches, details which he claimed he could not access himself due to lockdown. Baig, who had no links to Greggs and was not employed by them, used the details to apply for rates relief to the tune of £710,000, which was paid into a bank account associated with his catering business. In May 2020, with the council having realised the claims were fraudulent, action was taken which resulted in the account being frozen. While most of the money was later returned to the council, more than £90,000 was left outstanding. The investigation was led by the National Investigation Service (NATIS) and Baig was arrested in Glasgow in July 2020 by Police Scotland officers. At Baig’s house, £16,000 in cash was found, as well as forged remittance slips which officers believed that he was planning to use to try and persuade the bank to return the frozen money. Baig was found guilty of three counts of fraud on 12 February at Leeds Crown Court. Kelly Ward from the Crown Prosecution Service said: “Baig took advantage of the difficult circumstances of the pandemic in 2020 to defraud the council out of taxpayers money. “Those who cheat the public purse are stealing funds which should rightly go towards services and the community, or in this case towards supporting small businesses through an extremely challenging time. “We will not hesitate to work together with investigators such as NATIS to bring offenders like Baig to justice. “We will also be starting proceedings to recover any assets resulting from this criminality.”

Leeds welcomes £15m government funding for two major cultural projects

Tess Egginton
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Leeds welcomes £15m government funding for two major cultural projects
Leeds City Council has welcomed confirmation of £15m in central government funding for two major cultural projects.
The Ministry of Housing, Communities and Local Government (MHCLG) has committed £10m to help breathe fresh life into Holbeck’s historic Temple Works building, paving the way for it to become the home of a new British Library North. A further £5m in funding has been confirmed in support of plans to create a National Poetry Centre at the landmark Trinity St David’s Church on Woodhouse Lane. Councillor James Lewis, leader of Leeds City Council, said: “The British Library North project aims to create a world-class space for learning, research, exhibitions and events that would unlock the huge potential of Temple Works and boost the ongoing regeneration of the wider Holbeck and South Bank areas. “It is therefore really welcome news that the Ministry of Housing, Communities and Local Government has confirmed that, following a consultation, this £10m of funding is now in place to support the process of bringing the Temple Works building into public ownership and back into use. “We have worked hard in recent months with partners, including the West Yorkshire Combined Authority, Homes England and the British Library itself, to make the case for this funding. “Together we were able to emphasise the importance of the scheme and the economic and social benefits it would bring to Leeds, West Yorkshire and the North, not least through engagement and connections with local communities. “We were very pleased to welcome the Deputy Prime Minister to Temple Works last week so she could see first-hand what this remarkable heritage asset is all about. “We will now continue to work alongside partners on detailed plans for the full funding, design and development of a project that remains a complex and challenging undertaking, but one that offers a major regeneration opportunity for both Temple Works and the surrounding area. “The council also welcomes today’s confirmation that £5m in funding for Leeds’s proposed National Poetry Centre is now in place. “We were pleased to have the opportunity, during the MHCLG consultation, to add our voice to the widespread support for this project, which is being led by the National Poetry Centre Charitable Trust with the University of Leeds and poet laureate Simon Armitage.”
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