Time Out: Patrick McCutcheon, head of residential at Dacre, Son & Hartley
West Yorkshire universities collaborate to enhance mass transit planning
Universities in Huddersfield and Leeds have partnered to support the delivery of West Yorkshire’s £2.5bn Mass Transit scheme, which could introduce tram services between Leeds and Bradford by the mid-2030s. This collaboration, known as the Centre for Transport in Cities (Centric), brings together the Institute of Railway Research (IRR) at the University of Huddersfield and the Institute for Transport Studies (ITS) at the University of Leeds. The initiative aims to shape the planning, economics, and engineering of the region’s future transport infrastructure.
The collaboration will offer expert advice on key regional transport investments, covering rail, road, bus, and active travel. It will also contribute to creating a global blueprint for urban transport systems. Centric will be integral in providing insights on innovation, education, and skills development while supporting West Yorkshire’s ambitions to create a greener, better-connected region.
In 2026, a public consultation will further refine the proposals, with construction set to begin in 2028. The research and expertise brought by Centric will help optimise the value and sustainability of the Mass Transit system, positioning it as a model for modern urban transport in the UK and beyond.
River Island to shut Leeds Birstall Park store under rescue plan
River Island is set to close its Leeds Birstall Park branch as part of a broader effort to restructure its operations and avoid insolvency. The store is one of 33 across the UK due to shut by January 2026 as the retailer responds to falling revenue, rising costs, and a shift in consumer shopping habits.
The fashion chain, once a staple of the British high street, is proposing steep rent cuts across dozens more locations, seeking debt relief, and negotiating an emergency loan from its owners to stay afloat. Without creditor approval for the restructuring plan, River Island has warned that it may run out of funds by the end of August and be forced into administration.
The company reported a £33.2 million pre-tax loss in 2023, alongside a 19% drop in turnover. The closure of the Birstall Park store will contribute to significant job losses, with hundreds of roles across the country expected to be affected.
While River Island continues to operate online and in remaining stores, the closure marks a shift for Leeds’ retail sector. Local businesses, landlords, and service providers connected to the Birstall Park site may now face downstream impacts as one of the area’s key tenants prepares to exit.
Yorkshire Building Society posts profit rise amid tighter mortgage and savings market
Yorkshire Building Society has reported solid financial growth in the first half of 2025, posting a £187.9m statutory profit before tax, up from £158.1m in the same period last year. Operating profit reached £215.4m, an increase from £149.2m.
The mutual’s mortgage balances rose to £50.6bn, with £4.3bn in gross lending across 18,000 new residential mortgages. Of these, nearly 4,000 were issued to first-time buyers. However, overall lending activity slowed compared to H1 2024, when 23,000 new mortgages were provided.
The Society’s savings balances dipped by £0.3bn to £51.8bn. It opened 288,000 new savings accounts and paid average rates 0.63 percentage points higher than the market. This generated an estimated £132.2m in extra interest for savers during the first five months of the year.
Home insurance customers saved over £1m through a zero-commission partnership with Uinsure. Despite heightened competition and falling interest rates, Yorkshire Building Society expanded its balance sheet by £0.4bn.
The Society continued to invest in long-term growth, launching new digital upgrades, expanding support for home deposit savers, and providing cashback offers to offset higher property costs. It also deepened its community partnerships, including its work with Citizens Advice and FareShare, delivering financial and employment support to thousands across the UK.
With an 18.5% CET1 ratio, the mutual remains well-capitalised and focused on sustainable growth across its retail and community-focused operations.
Lloyds profit rises, cost savings cushion higher expenses
Lloyds Banking Group reported a statutory profit after tax of £2.5 billion in the first half of 2025, as income growth and cost savings helped offset rising expenses. Net income increased 6% year-on-year to £8.9 billion, supported by gains in general insurance and SME banking. Operating costs rose by 4% to £4.9 billion, but the group delivered £300 million in gross cost savings during the same period.
The bank lifted its interim dividend by 15% to 1.22 pence per share, maintaining a healthy dividend yield of 4.08%. Capital generation for the half year stood at 86 basis points. Despite the strong earnings, the stock dipped slightly by 0.41%. Lloyds continues to trade with a price-to-earnings ratio of 12.5 and maintains a solid financial profile, with recent analysis suggesting it remains undervalued.
For business customers, the results reinforce Lloyds’ ongoing investment in key segments, including commercial and SME banking. The group has also expanded its share of the business current account market, indicating further emphasis on growing its B2B footprint.
Leeds to see sharpest rise in business rates as prime office space demand grows
Leeds businesses in prime office locations will experience the most significant increase in business rates next April, following the 2026 Revaluation. Colliers estimates that rateable values for Grade A office space in the city’s Central Business District (CBD) could rise by up to 44%, the highest among major UK cities.
The surge is driven by strong demand and limited supply of prime office space, pushing rental growth and increasing rateable values. Over the last three years, Leeds has seen a 67% increase in rateable values, reflecting the pressure on available top-tier office stock.
As a result, businesses occupying these high-demand offices can expect their rates bills to rise from £12 per square foot this year to nearly £20 per square foot in 2026. The substantial rise in rates adds further pressure on businesses already grappling with other rising costs, particularly in an environment of economic uncertainty. Finance teams and CEOs in Leeds will need to prepare for these increases, adjusting their property strategies accordingly.
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N-Gen and Hygen secure hydrogen production contract for Bradford project
N-Gen and Hygen Energy have secured a Low Carbon Hydrogen Agreement (LCHA) for their 35MW hydrogen production project in Bradford, UK. The initiative, backed by government funding, will produce low-carbon hydrogen, a cleaner alternative to fossil fuels. Under the LCHA, the project will be able to sell hydrogen at a competitive price for the next 15 years, bridging the cost gap between hydrogen and conventional fuels like diesel.
The £120m facility at the Birkshall site, set to begin operations in 2027, will produce up to 12.5 tonnes of hydrogen per day. It will also feature storage and refuelling facilities, serving hydrogen-powered vehicles in the region. The project was selected for funding under the government’s Hydrogen Allocation Round 1 (HAR1) programme in 2023.
This agreement marks a significant step in the UK’s efforts to scale up low-carbon hydrogen production, which has gained momentum in recent years. By June 2025, only six of the 11 projects selected for HAR1 had signed agreements with the Low Carbon Contracts Company (LCCC). The Bradford project joins others, such as GeoPura’s 8MW HyMarnham and Hyro’s 9MW Green Hydrogen 3, in advancing the UK’s hydrogen sector.
Hitachi Rail partners with SYMCA to modernise South Yorkshire Supertram
Hitachi Rail has entered into a 15-year Technology Partner Framework Agreement with the South Yorkshire Mayoral Combined Authority (SYMCA) to modernise the South Yorkshire Supertram network. The deal positions Hitachi as SYMCA’s strategic technology partner, aiming to enhance light rail infrastructure and improve passenger services.
This partnership aligns with SYMCA’s broader goal to futureproof the region’s public transport system. It focuses on integrating advanced technologies to improve system reliability and provide better real-time information, making travel smoother and more predictable for commuters. The initial phase will concentrate on upgrading operational systems to optimise timetable delivery.
Through this framework, Hitachi Rail will bring modern, digitally enabled solutions to the Supertram network, enhancing both operational efficiency and passenger experience. This initiative also aims to create a sustainable public transport network that contributes to South Yorkshire’s economic and environmental growth.
Hitachi’s established presence in Doncaster, with over 200 employees, reinforces its commitment to the region. The partnership is expected to generate further local employment opportunities and support skills development in the area.