Time Out: Patrick McCutcheon, head of residential at Dacre, Son & Hartley

It’s Friday, and the weekend is just around the corner. That means it is time to kick up your feet and relax with some quick fire questions. This ‘Time Out’ features Patrick McCutcheon, head of residential at Dacre, Son & Hartley, who would love to have the superpower of time travel! What is the first thing you do to get the weekend started? I spend twenty minutes trying to choose what fish to cook and how to do it without filling the house with smoke. Doesn’t go down well at home! What is your hobby? Anything to do with floating on, but keeping out of, the sea. My great great grandfather was a Liverpudlian sea captain, and I suspect there is something deep in my DNA drawing me to water – frustrating given I live in the middle of the country! What is your favourite movie? Stardust – a brilliant and adventurous tale by British director Mather Vaughn with an impressive cast including Rupert Everett, Peter O’Toole, Michelle Pfeiffer. Watched it numerous times with my two boys, its full of action, adventure and it also pulls at the heart strings. If you hadn’t been successful at what you do, what would you be doing instead as a career? Anything with positive energy, colour, excitement and travel. If you could have any superpower, what would it be? Time travel – so many fabulous stories and events from the past. What is your secret talent? Singing Welsh choral music in a deep baritone, normally to myself whilst in the kitchen. See question one! What is your favourite genre of music? When the recent film came out documenting their formation, I was staggered that some of my colleagues had never heard of Led Zeppelin! There is nothing better than ploughing through rough seas with side one of Led Zep 4 blaring out of the speakers! If you could travel to any moment in time, where would you go? The prewar Edwardian period must have been a fascinating time in this country, before the golden light of the afternoon faded.

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

0

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

0

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.

Yorkshire bucks national trend with venture capital investment increase

Venture capital investment in Yorkshire’s start-up and scaling businesses increased in the second quarter of 2025, against a muted national backdrop, according to the latest KPMG Private Enterprise Venture Pulse report. Yorkshire’s start-ups raised £50.2 million in the second quarter of 2025, compared to £33 million during the same period last year – a 52% increase as investor confidence returns to the region. Despite total investment value decreasing by 30% quarter on quarter, the volume of deals completed in the region rose from nine in Q1 2025 to 16, highlighting increased appetite among VC investors looking to support Yorkshire’s burgeoning start-up community. The largest raise included a £11.2 million investment in White Label Loyalty, a marketing platform operator intended to help businesses acquire, understand, engage, and retain customers. White Label Loyalty was amongst the other business services and productivity startups in the region that attracted the highest level of VC investment this quarter, reflecting growing venture capital interest in startups focused on improving operational efficiency and productivity. Giles Taylor, head of corporate finance in Yorkshire at KPMG UK, said: “It’s encouraging to see Yorkshire continue to outperform expectations in a challenging funding environment, with the region securing more VC deals than any other region in the North of England. “This momentum reflects the strength of our entrepreneurial community and the supportive ecosystem around it. In particular, we’re seeing growing investor interest in the region’s business productivity start-ups – companies offering smart, efficiency-led solutions that help organisations better manage costs and maintain profitability. “In the current economic climate, that kind of innovation is not just valuable, it’s essential. It’s further evidence that Yorkshire is becoming a go-to destination for investors seeking resilient, high-potential businesses.”

Huddersfield businesswoman becomes first ambassador for CIC breaking cycle of violence

Huddersfield businesswoman Katie Mallinson has been appointed as the inaugural ambassador for a new initiative launched by community interest company, Blossom Training and Development. The Yorkshire-based CIC exists to empower, protect and inspire communities – especially young people – via self defence training and education around safety. Now the search is on to collaborate with more people who will advocate for this development programme, amplify Blossom’s message, and help break the cycle of abuse and violence. The brainchild of managing director Madeleine France, Blossom was originally founded to provide women with a safe and inclusive alternative to martial arts classes. British Army veteran Rachael Allen joined in 2021, and the duo have since gone on to develop legally robust, medically certified and gender inclusive courses that also consider the psychological impact of being in ‘fight or flight’ mode. To date they have supported more than 4,500 people, but are heavily reliant on funding to deliver their development sessions. Blossom’s ambassador initiative has therefore been launched to raise awareness of the CIC’s societal impact and keep these programmes alive. “Our mission is to help young people grow into their most confident selves and know what to do in situations of vulnerability,” said Blossom’s co-founder Madeleine. “Sadly, statistics show that one in nine under 18 girls have experienced some form of sexual harassment. We also know that three women are murdered in the UK every week, and two of these lose their lives as a result of domestic violence. The stats are plentiful – and terrifying. “Our work really matters, however the sustainability of our efforts is currently hampered by the availability of funding. That’s why we launched the Blossom ambassador initiative. We’re on the lookout for people who will champion our life-changing work, in the rooms we don’t find ourselves in – role models committed to making a difference, and standing up for people who might not otherwise have the voice or strength to stand up for themselves.” A chance encounter with Katie back in 2021 led to the delivery of Blossom’s first one-day corporate package, for her all-female communications team. “We’d heard Katie speak about her own experiences of being attacked as a teenager, and her passion for empowering others to have a voice. We knew we had to join forces. I literally ran after her as she tried to leave the venue and was delighted to lead a session for her then 18-strong team, a few weeks later,” Madeleine continued. “When it came to launching the ambassador programme, she was therefore the first person we approached to spearhead this new campaign.” While every ambassador’s efforts will be appreciated by the CIC, the aim is to appoint 30 in the next six months alone. And while businessmen and women are an obvious target, any community champion or member of the public can show support by pledging £150. “A £150 pledge will allow each ambassador to ‘pay it forward’ for someone else to attend a full day course,” elaborated fellow managing director Rachael. “This can be someone they nominate or someone we know will benefit from the learning experience. “In return, we will kit them out with an exclusive hoody, pin and social media assets, to help them start more conversations on our behalf, and symbolise their commitment to our cause. The more ambassadors who join our movement, the more impact we can have. “Sadly, we still need to drive a huge amount of change in society. But anyone can fundraise for us, pay it forward for others or share details of our corporate courses, and we appreciate every gesture, large or small.” “If you could sum up everything Blossom embodies in one word, it’s courage,” concluded Katie. “I wish everyone could benefit from a day – even an hour – with this team. I am proud to be an ambassador and a champion of their strength.” Blossom Training and Development has a number of long-term partners including West Yorkshire Police, Haribo, Morgan Sindall and Nova.

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.