Enterprise

EG Group grows underlying profits thanks to US and European performance

2025-04-27 03:25:28

Petrol station and retail operator EG Group grew underlying profits by 9% last year, new results show. The Blackburn-based giant saw underlying Ebitda rise 9% to $992m (£785m) thanks to grocery and merchandise and foodservice gross margins increasing. EG said that fuel sales were 'resilient' despite changing market conditions, with a decline of 0.3% and flat margins globally. The group's US business, which includes brands such as Cumberland Farms, Fastrac, Kwick Shop and Quik Stop, generated full year underlying Ebitda growth of 17% over the year, thanks to initiatives around coffee and dispensed drinks pricing, product range optimisation and data analysis and merchandising changes. Meanwhile in Europe, where EG has brands such as GoFresh and works with retailers such as Carrehour, Louis Delhaize and REWE, it delivered 12% increase in underlying Ebitda. In the final quarter of last year, the group delivered a 7% increase in underlying Ebitda thanks to performances across grocery and merchandise, where gross profit grew 10% thanks to initiatives in the US. Fuel performance was said to be challenging in the US and Australia during the quarter, offset by more resilience in Europe. The group - which was founded by the billionaire Issa brothers and is now co-owned by TDR Capital - will be seeking a stock market listing in New York with an IPO that could value the business at $13bn. Last year EG completed the sale of its remaining 218 UK and Ireland KFC franchise restaurants to Yum! Brands' KFC division and in October sold its remaining forecourt business to Zuber Issa. Mohsin Issa, CEO of EG Group, said: "2024 was another successful year for EG Group. We grew full-year Ebitda by 9% on an underlying basis, with notable contributions from our USA and European businesses. This excellent performance is testament to the efforts and commitment of our 38,000 colleagues who continue to deliver great customer service across our grocery and merchandise, foodservice and fuel propositions each day, as well as our financial and operational delivery. "We made significant progress with further reducing the quantum and price of our debt – bolstered by non-core divestments and the repricing of our EUR and USD Term Loans – and we are committed to further deleveraging in a disciplined manner. The actions we took last year have positioned us for further growth and together with our extensive portfolio of assets in nine countries globally, will provide a platform for us to maximise future growth opportunities to further strengthen our position as a leading independent convenience and fuel retailer.

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Octopus Energy's new green investment platform sells out in a week amid high demand

2025-05-01 05:09:01

A novel investment platform, enabling consumers to buy shares in green energy projects, has sold out within its first week. Octopus Energy initially offered investors the opportunity to purchase stakes in two wind turbines via the platform, known as 'the Collective', as reported by City AM. The overwhelming demand for the scheme led the energy supplier to issue a call on Thursday for other projects to express their interest in joining. This indicates a rising public interest in a more democratic funding approach to the energy transition. The Collective allows investors to directly purchase shares of listed green projects such as wind and solar farms, with investments ranging from £25 to £20,000. Investors also have the option to link any potential dividends to their energy accounts to reduce bills. Octopus revealed that hundreds had bought shares in the first two wind schemes, located in Yorkshire and Wales, over the past seven days. "One in three people we surveyed said they wanted to invest in green power and the response we've seen since launching has been nothing short of electric," said Zoisa North-Bond, chief executive of Octopus Energy Collective. "Selling out our first two projects in just a week shows just how much demand there is to reshape and democratise how green energy is funded and owned." Additionally, she stated: "We're now also inviting other projects to register their interest in listing on our platform to unleash even more public ownership of renewables. By adding more projects onto 'the Collective', we can empower even more people to take part in the clean energy revolution."

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North East business life: community, award and charity events of the week

2025-05-16 04:41:54

The Northern Housing Consortium (NHC) has achieved a Gold Better Health at Work award in recognition of its commitment to promoting health and wellbeing to colleagues and the wider community. Better Health at Work recognises the efforts of employers in addressing health issues in the workplace, with a range of accreditations available. NHC – a non-profit membership organisation for social housing providers and local authorities – secured the Bronze Better Health at Work award in 2022, the Silver award in 2023, and will be presented with the Gold award at a ceremony this spring. During the past year, NHC has focused on areas of wellbeing including nutrition, financial wellbeing, mental health, physical wellbeing, and men’s and women’s health. Kay Wiseman, NHC’s HR and wellbeing manager, said: “NHC has had a staff-led wellbeing group in place for several years which we’ve developed and grown to create a strong culture of health and wellbeing across every level of the organisation. We take a collaborative approach, staff tell us the topics that are important to them, and we shape our programmes around that feedback. People know it’s not just a box-ticking exercise for us; rather our staff are at the heart of everything we do. We want our people to feel their best and make mental and physical wellbeing a priority every day. “Better wellbeing means more happier and more productive colleagues and better results across the board. Supporting and caring for our people remains a key part of our values and culture and we look forward to further developing our many initiatives and programmes.” A North East charity that provides animal-assisted therapies to help people struggling with their mental health has received help from regional businesses. Prudhoe-based Humbles Wood Animal Activity Centre CIC has benefitted from a package of groundworks support from Newcastle-based affordable homes builder Adderstone Living in partnership with N&T Civils in Hartlepool, worth several thousands of pounds. The support means the charity, which has created spaces where adults and children can experience the healing and uplifting benefits of interacting with goats, donkeys and pigs, has now had field drainage installed to reduce the risk of flooding across the site. Clive Johnson and Clare Welsh, who run the Humbles Wood charity, said: “We just wanted to thank everyone involved in this project. We are absolutely over the moon that Adderstone Living together with N&T, have been able to help with the flooding problem. It will make a huge difference to improving the site, and help in our work to support the local community and caring for the animals.” Adderstone Living’s director Peter Galbraith added: “We wanted to help out as much as we could and saw this as a great way to assist Clive and Clare with their work. For us, it’s heartening to know our support will make a real difference to this important community charity, which does so much to improve the lives of local people.” The initiative is part of Adderstone Living’s social value commitment from its partnership with local housing association Karbon Homes, through which it develops hundreds of much needed affordable homes annually across the region. A Newcastle jewellers has helped a County Durham hospice raise £25,000 by donating a necklace worth £3,000 for an anniversary event. The Newcastle branch of Berry’s Jewellers is continuing its support of Lanchester-based Willow Burn Hospice by sponsoring the charity’s annual fundraising ball at Beamish Hall Hotel on Friday, March 31. A gala dinner will be held to mark the hospice’s 35th anniversary. Berry’s has also donated the main prize for the raffle by gifting the hospice an 18ct White Gold Baguette and Round Brilliant Cut Diamond Square Halo Pendant. David Nicholson, the store manager at the Newcastle store based on Grey Street, said: “Willow Burn Hospice is a charity close to the hearts of our family after the amazing care and support my late mother Ann Johnson received there during her illness. We couldn’t speak more highly of the wonderful nurses and wider team at the hospice to make her last days as comfortable as possible, and that is why we’re so keen to support the great work they provide across Derwentside. “Berry’s is delighted to be again sponsoring the hospice’s fundraising ball as a way of saying thank you and ensuring that many more people can receive the personal touch the caring nursing staff provided to my mam. “Our diamond necklaces are popular products in our Newcastle store and we’re pleased to be offering it as a special prize in the raffle.” Rachel Quince, the hospice’s deputy chief executive and head of fundraising and marketing, said: “The hospice has developed and expanded significantly over the past 35 years and it is thanks to the likes of Berry’s Jewellers and all our supporters who give generously to ensure more people from across Derwentside can benefit from the care our amazing nursing staff and wider team provide. We are so grateful to David and the team at Berry’s for their ongoing contributions, and we hope to see many of our great supporters at the ball on March 21.” North East property firm Bradley Hall is celebrating after its recent Festive Fundraiser brought its fundraising total to almost £400,000. The annual event, which supported Heel & Toe, Great North Children’s Hospital Foundation, NE Youth and Bravehearts of the North East raised over £33,000 thanks to the generosity of over 400 guests. Hosted at The Fed in Gateshead, in partnership with business and lifestyle publication Portfolio North, the event brought together businesses from across the region for an afternoon of entertainment, networking and charitable giving. Businesses present represented a range of industries including law firms, housebuilders, national banks, engineering firms, who enjoyed entertainment from Bingo Loco. The event was sponsored by pubs with rooms company The Inn Collection Group. Neil Hart, chief executive of Bradley Hall, said: “Our annual Festive Fundraiser is a real highlight in the calendar for Bradley Hall and for our hundreds of guests, and 2024’s event was no different.

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New £1m fund backing entrepreneurship in North Wales

2025-04-24 03:15:53

Business support venture Ideas has launched a new £1m fund to back early stage entrepreneurship in North Wales. Founded by Nick Pritchard, Fran James, and Dylan Jones-Evans, Ideas said its goal is to create a dynamic community of entrepreneurs, investors and stakeholders who share a vision of building a stronger and more innovative economy. Its latest venture is called Ideas Invest. The new fund comes as Ideas has exchanged contracts with Conwy County Borough Council on a 250-year lease for the Bodlondeb site in Conwy. This historic building will be transformed into a cornerstone for entrepreneurship in the region, offering free space and support for new businesses - as well as financial backing from the new fund. Additionally, Ideas has also acquired the Old Post Office in Bangor, which will be converted into another business hub, According to Prof Dylan Jones-Evans, the founder of Fast Growth 50, supporting new businesses is vital to North Wales' economic future, driving innovation, job creation, and investment. He said: "Entrepreneurship has the power to transform communities and economies, and with Ideas Invest, we want to give ambitious founders the opportunity to develop and scale their businesses right here in North Wales. Start-ups and scale-ups play a key role in revitalising communities, retaining talent, and fostering economic resilience. "By providing the right support and networks, we believe that North Wales can unlock its potential as a leading hub for business growth and long-term prosperity." As the driving force behind the Great British Entrepreneur Awards , Ms James believes that access to a strong network of business leaders, investors, and mentors will be a crucial part of Ideas Invest. She said: "Over the last few years, we've built an incredible community of founders, investors, and business leaders who are passionate about supporting entrepreneurship. "With Ideas Invest, we're bringing this network to North Wales, creating opportunities for ambitious entrepreneurs to access funding, mentorship, and the connections they need to succeed. This is more than just investment - it's about building a thriving ecosystem where businesses can launch, scale, and make a real impact." Serial entrepreneur and investor Mr Pritchard, said: "With Ideas Invest and the transformation of Bangor and Conwy into entrepreneurial hubs, we are creating a movement that will drive business growth and innovation in North Wales. If you're an aspiring entrepreneur with a great idea, an investor looking to back the next generation of businesses, a mentor eager to support new founders, or a company seeking a space to grow, now is the time to get involved.

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Babcock hikes guidance as Skynet satellite programme ramps up

2025-05-13 08:14:28

Defence corporation Babcock has raised its full-year revenue and profit forecasts as its Nuclear and Marine divisions experience a surge in business. The FTSE 250 company announced on Thursday that it anticipates its underlying operating profit to surpass the highest analyst predictions, which ranged from £327.1m to £339.7m, as reported by City AM. Revenue is projected to reach approximately £4.9bn, exceeding estimates of £4.51 to £4.8bn. Babcock attributed this upgrade to "double-digit organic growth in Nuclear and strong growth in Marine." The firm, renowned for manufacturing nuclear submarines for the UK military, inked a colossal deal with the Ministry of Defence (MoD) last year worth half a billion pounds. Other collaborations include a 17-year contract with the French Air and Space Force in January, valued at up to around £665m, marking a significant expansion of its operations in France. Growth in the nuclear sector was "driven by increased new build and decommissioning work in civil nuclear, as well as increased submarine support activity and higher-than-expected infrastructure revenues," according to a statement released by Babcock. Performance in the Marine division was fuelled by increased volumes in the company’s liquified gas business and the acceleration of Skynet, the UK’s military satellite programme. "Today’s announcement demonstrates that successful execution of our strategy is continuing to deliver value for all our stakeholders," stated Babcock Chief Executive, David Lockwood.

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Gateshead father and son bicycle firm secures top award for gravel model following £750k investment

2025-04-25 09:32:17

A bicycle brand founded by a father-and-son team in Gateshead has hinted at growth following a major award win and new funding. Vielo Sports was set up eight years ago by Ian Hughes and his son Trevor using their experience in the bike trade, including having run a distribution company on Tyneside. The pair have invested more than £750,000 in the brand which offers a range of road, race and gravel models. The Gateshead-based firm scooped Gravel Bike of the Year 2024/25 at the cycling news outlet Road CC's annual awards. Judges praised the firm's Vielo V+1 Race Edition model as being "incredibly capable". Ian Hughes, a former BBC presenter who subsequently helped bring the Scott mountain bike brand to the UK, said: "The Vielo V+1 Race Edition was competing against major international brands, so for a small company from Gateshead to win the overall Gravel & Adventure Bike of the Year award is incredible. It’s a huge achievement and a proud moment for the whole team. "In designing this lightweight bike, our goal was to create something truly unique - tailored to real-world riding conditions, built for versatility, designed around the user, and engineered to the very highest standards. "The future for Vielo is incredibly exciting. We’ve navigated the highs and lows, investing in developing this bike and the business. We’re looking forward to a long-term sustainable future for the brand, allowing us to expand globally and push forward with an ambitious programme of design and development for new products in the years ahead." Vielo's bikes are designed in Gateshead with input from German engineers and Taiwanese Carbon Fibre experts. The brand was originally set up to appeal to third or fourth-time buyers who value high-end design, materials and detailing. Prices of the models start from £4,500. Since investing £750,000, Vielo has secured additional six-figure funding to expand its operations and export its high-performance bikes internationally. Trevor Hughes added: "We chose to design the bike from carbon fibre because it’s a material we have a lot of experience with. It’s also a material that allows us to shape and form the frame into tubes and profiles that give it the ride characteristics we desire. Oval down tubes and flat curved seat stays for comfort but retaining stiffness where you need it most. It’s also known for being incredibly strong and lightweight.

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Healthtech start-up bags Europe's largest pre-seed funding round for female founders

2025-05-12 03:29:40

UK-based healthtech start-up Level Zero Health has successfully raised $6.9 million (£5.5 million) in pre-seed funding, setting the record for the largest amount garnered by female founders in Europe to date. The investment, spearheaded by the European venture capital firm Redalpine, is aimed at bolstering the company's ambitious goal to transform hormone tracking, as reported by City AM. The funds are earmarked for furthering the development of the world's pioneering remote and continuous hormone monitoring device, which utilises novel DNA-based sensors for operation. Founded just over a year ago by former Palantir tech lead Ula Rustamova and medical device specialist Irene Jia, previously with Philips, Level Zero Health's achievement establishes a new standard for female-led startups across Europe, drawing 70 percent of the investment from within the region. The company's innovative approach centres on a non-invasive wearable patch that adheres to the user's arm, furnishing them with instantaneous hormone level readings. This technological solution offers continuous measurement of hormone levels, unlike conventional blood tests that provide only snapshot data points. The implications of this technology are vast and could impact various areas including fertility treatment protocols, menopause management, and stress tracking amongst others. Testing of the sensor's capabilities in simulated samples has demonstrated a formidable 98 percent accuracy rate, surpassing general industry benchmarks. Chief Executive Ula Rustamova has expressed her enthusiasm about the breakthrough, stating: "Our innovative remote monitoring technology marks an enormous leap in hormone testing." Level Zero Health has raised £4.2m in pre-seed funding, with the company's innovative hormone tracking solution attracting significant investment. "This funding will enable us to bring this revolutionary solution to the market, making hormone tracking more accessible and insightful than ever before". Level Zero has already gained a strong following of potential customers, despite being in its early stages. The funding will be used to advance research and development, as well as expand the team. While initially focusing on business-to-business (B2B) clinical applications, the company plans to expand into consumer health and pharmaceutical markets. Redalpine investor and Level Zero Health board member, Philip Kneis, said: "We did it for blood pressure, and we will do it again for hormones. Continuous hormone measurement is one of the holy grails of diagnostics". The company's clinical advisory board includes experts such as Harvard Medical School's Aaron Styler and reproductive science expert Joshua Klein.

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London small businesses hit record low confidence, FSB report reveals

2025-05-06 11:19:57

Confidence among small businesses in London has taken a nosedive, with some sectors experiencing record-low levels of optimism. The Federation of Small Businesses (FSB) has released a report indicating that confidence levels for London's small firms plummeted to 62.6 in Q4 of 2024, a significant drop from the negative 1.2 percentage points recorded in the previous quarter, as reported by City AM. This marks the lowest level of confidence outside of pandemic times, as per the FSB's findings. London experienced the sharpest decline, with overall small business confidence in the wider economy at 40.1. The accommodation and food services sectors were hit hardest, with confidence sinking to an unprecedented low of negative 111 points. The wholesale and retail sectors weren't far behind, registering a confidence level of negative 94.2 points. Meanwhile, those in the professional, scientific, and technical activities sectors were comparatively less pessimistic, with a score of negative 40.1 points. The construction sector witnessed the steepest fall in confidence between the third and fourth quarters, deteriorating from negative 26.6 points to negative 76.8 points. The majority of respondents in the report identified the domestic economy as the primary obstacle to growth "once again". However, the tax burden has risen to become the second most significant barrier, with over 43% of small businesses flagging it as a concern. Labour-related costs ranked third but were more pressing for businesses across the UK (42%) than those in London (31.5%). Consumer demand, typically a top concern for small firms, has dropped to fourth place, being cited by 28 per cent of small businesses. The FSB's report predicts 'subdued' growth prospects as small businesses anticipate "see lower levels of expansion". Just over 43 per cent of small firms expect their business to grow in the next 12 months, a decrease from more than half in the previous survey. Tina McKenzie, FSB’s policy chair, commented on the findings: "The fourth quarter blues reported by small firms underline how urgently the government’s growth push is needed." She noted that "Small firms are understandably nervous about their prospects as 2025 gets underway" and highlighted the upcoming Employment Rights Bill as a "major source of stress for small firms." A recent FSB report disclosed that 90 per cent of small firms are concerned about the implications of the Employment Rights Bill. McKenzie emphasised that the Spending Review, concluding in June, "must prioritise spending on programmes that will deliver small business growth".

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Astrazeneca says it's 'too big' to base CEO's pay packet on FTSE 100 peers

2025-04-30 15:42:51

AstraZeneca's remuneration committee chair, Sheri McCoy, has argued that the pharmaceutical behemoth is too large and intricate to benchmark its CEO's salary against the rest of the FTSE index. In the company's annual report, McCoy stated that "UK-listed FTSE companies are not the right peer group for us to use" due to AstraZeneca's "size, complexity and global footprint." This comes as the firm awarded a £14.7m pay package to CEO Pascal Soriot for the most recent financial year, a decrease from the previous year's £17.3m, primarily due to the long-term incentive component, as reported by City AM. In the last annual general meeting, AstraZeneca faced substantial pushback from key shareholders over proposed amendments to its remuneration policy. Despite the resistance, the changes were approved at the AGM, although a significant portion of investors voted against them. Since then, McCoy has been working to gain the backing of major shareholders and has committed to providing clearer explanations for future remuneration policies. Meanwhile, AstraZeneca has seen a surge in revenue. As reported by City AM in February, despite mounting challenges in China, the company's revenue soared by 21% last year. The pharmaceutical giant posted $54bn (£43.3bn) in revenue for the year, marking a 21% increase from 2023's figures. In its annual financial disclosure, the largest firm listed on the FTSE 100 announced a remarkable 37 per cent surge in revenue across Europe. Meanwhile, in the US, the company's revenue saw a robust 28 per cent increase. In the annual report, Sheri McCoy, chair of the remuneration committee, addressed the company's compensation strategy: "Astrazeneca's largest investors remain fully supportive of the leadership team, our pay for performance philosophy and of our Ambition 2030." She further explained the rationale behind policy changes, stating, "Our major shareholders understand the rationale for the policy changes, the global nature of the business and the need to be able to compete for talent globally, and recognise that the committee believes that UK-listed FTSE companies are not the right peer group for us to use, given Astrazeneca's size, complexity and global footprint relative to FTSE peers, and the influence of pay practice within the global pharmaceutical industry." The report emerges in the wake of Astrazeneca's decision to abandon a £450m investment earmarked for a vaccine manufacturing facility in Merseyside. The pharmaceutical behemoth has scrapped plans to enlarge its existing site in Speke, a move that was initially unveiled by then-Chancellor Jeremy Hunt during the previous year's March Budget.

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UK house prices surged to a record high in January ahead of stamp duty changes

2025-04-30 01:38:59

New figures reveal that the average UK house price reached a record £299,138 in January, just months before the first-time buyer stamp duty relief is set to end in April. House prices increased by 0.7% month on month and by 3% year on year, with London maintaining the highest average house price at £548,288, noting a 2.8% rise year on year, as reported by City AM. "Affordability is still a challenge for many would-be buyers, but the market’s resilience is noteworthy," commented Amanda Bryden, Halifax's Head of Mortgages. Bryden predicts mortgage rates will "hover" between 4% and 5% in 2025. House prices continue to be elevated against average earnings; the first-time buyer (FTB) house price to earnings ratio was at 5.0 at the end of 2024, significantly exceeding the long-term average of 3.9. However, Braden highlighted there is still "strong demand for new mortgages and growth in lending". "With a stamp duty increase looming, some of this demand may have come from first-time buyers eager to complete transactions before the end of March," she added. After March 31, first-time buyers will be subject to the same stamp duty rates as other buyers. Tomer Aboody, director of MT Finance, suggested that the market isn't as robust as the figures imply, stating: "While the numbers suggest a confident market, actual growth in prices is minimal as buyers face affordability challenges." Jeremy Leaf, a north London estate agent and former RICS residential chairman, commented on the property market's robustness: "The full impact of the Budget has yet to be factored in, so a true indication of where we are would be around spring, when the stamp duty holiday ends." He also noted that the firm prices can't solely be attributed to a shortage of properties; demand plays an equally significant role, saying, "On the ground, recent price resilience has been just as much to do with higher demand as much as insufficient and appropriate stock in more popular areas." Continuing with the UK’s regional property market analysis, Northern Ireland currently boasts the strongest annual property price growth at 5.9 per cent. In Wales, house prices saw a 3.6 per cent increase compared to the previous year, with the average property price now standing at £227,397.

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Number of Brits with private medical insurance soars amid NHS crisis

2025-05-10 06:15:20

The proportion of Britons with medical insurance has surged to a near-record level, as NHS delays prompt more individuals to seek private care. LaingBuisson's latest data reveals that by the end of 2023, the number of people holding private medical insurance peaked at 4.68 million, as reported by City AM. However, when considering policy coverage for partners and children, around 8 million UK residents have access to private healthcare through insurance. This equates to 11.8% of the UK population now being insured medically, the highest rate since it reached 12.3% in 2008. The figure had previously declined following the financial crisis when many businesses cut back on offering medical insurance as an employee benefit. Employer-provided policies account for 3.8 million, or four-fifths, of those insured, while the remainder hold private policies. Tim Read, head of research at LaingBuisson, commented: "The rise in people covered by health insurance is being driven by both a rise in the number of companies taking out insurance on behalf of their employees, but there has also been a rise in the number of individuals taking out their own policies." He added, "Given we’ve seen people’s satisfaction with the NHS plummeting in recent years, and also continued challenges in accessing both diagnostic and treatment services on the NHS, this rise is not a surprise." "In the past people may have taken out health insurance because it offered a better quality of service than the NHS. But now they value timely access more highly and increasingly are willing to pay for it."

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Sir Keir Starmer to reveal government's vision for building new towns across the UK

2025-05-19 14:21:40

Sir Keir Starmer is set to outline the government's vision for new towns across the UK. The Prime Minister will be revealing plans for the next generation of communities, which include homes, doctors' surgeries, schools, nurseries and public transport, during a visit to a new housing development this Thursday. The government has received over 100 proposals for new towns throughout England, each with the potential to house at least 10,000 homes, as reported by City AM. This follows the New Towns Taskforce's guidelines for these new areas, which include affordable housing, access to essential infrastructure, open green spaces and nature. To expedite planning, the government will mediate disagreements between bodies such as National Highways, Natural England and the Environment Agency. Additionally, approval for new tall buildings will be accelerated to provide more homes. Starmer stated: "For so many families, homeownership is a distant dream. After a decade of decline in housebuilding, the impact is a disconnect between working hard and getting on." He further added: "We’re urgently using all levers available to build the homes we need so more families can get on the housing ladder. ""We’re sweeping aside the blockers to get houses built, no longer accepting no as the default answer, and paving the way for the next generation of new towns." Ministers are tackling hold-ups in planning applications, with 20,000 homes and associated amenities now advancing due to government action, referred to as the 'new homes accelerator'. . Housing Secretary and Deputy Prime Minister Angela Rayner commented: "While our vision for the next generation of new towns is setting the stage for a housebuilding revolution, urgent action is needed now to build homes and infrastructure local communities are crying out for." She added, "That’s why our new homes accelerator is working at pace to find solutions and remove blockages in the system, executing long-lasting solutions to get spades in the ground." Rayner also emphasised: "Today we are embarking on the next chapter in our plan for change to build 1.5m new homes, deliver the biggest boost in social and affordable housing in a generation, and raise living standards for working people and families across the country." Projects getting the green light include developments such as a 1,000 home scheme in Liverpool and a 1,100 home project in Devon. Over 350 sites have been nominated by builders and local authorities to be fast-tracked, potentialing yielding up to 700,000 new residences. There's also a revamp of the current UK planning system underway, which involves releasing a growth-driven national planning policy framework and formulating the Planning and Infrastructure Bill that's due to be introduced to Parliament in the following month. The government is also set to announce additional funding, including £3m in grants for local authorities to enhance planning capacity, and over £50m earmarked for the development of grey belt and brownfield land.

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Creative agency becomes staff owned

2025-05-14 23:34:03

A PR and creative agency marking 30 years in business and has become entirely employee-owned. The 50-strong team at Rees Bradley Hepburn in Meriden are now shareholders in the business following a sale deal by co-founders Tim Rees and Debra Hepburn. An employee ownership trust has been set up which now holds 100 per cent of the shares for the benefit of RBH staff. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Ms Hepburn will remain in her role as managing director, with Mr Rees becoming a trustee alongside current staff members Jo James, Kevin Bishop and Honor Nicholls. The RBH board will continue to be responsible for the day-to-day running of the business. Ms Hepburn said: "When we set up RBH, we wanted to create a flat structure, one where people sat together in an open flow space, where ideas could come from anywhere. "Where we could make things happen for our clients brilliantly and fast, without complex management layers. And we wanted RBH to be 'our agency' where everyone felt valued and able to contribute and to enjoy the rewards. "We have had countless suitors over the years, even more in the last year or two. But we have stayed fiercely independent and have never wanted to work for anyone else or work in a different way. "The trust allows RBH to stay in charge of its own future and protects the opportunity for all RBHers to make a good and happy living.

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Private equity giant Bain Capital proposes takeover bid for defence firm Chemring

2025-05-01 12:05:30

Bain Capital, one of the world's leading private equity firms, has reportedly initiated a takeover bid for defence group Chemring. The news was first reported by Sky News' Mark Kleinman, who stated that Bain has submitted at least one proposal to acquire the FTSE 250 group, which is utilised by Elon Musk's SpaceX, as reported by City AM. Shares in Chemring surged as much as 13 per cent to 400p on Monday following the announcement of the offer. According to Sky, an initial offer of 390p-a-share had been proposed, marking a significant premium compared to the 356p the stock was trading at prior to the bid being publicised. It was also suggested that Bain was preparing a second offer, although it remains unclear whether this has been submitted. Chemring, employing approximately 2,700 people, offers products and services to the aerospace, defence, and security markets, including NASA and Elon Musk's SpaceX. The defence sector is anticipated to experience growth due to increased spending triggered by President Donald Trump's return to the White House. Despite reporting a record annual order book of £1.04bn for the year ending in October, Chemring's shares have struggled over the past year. Its shares plummeted 13 per cent in December after it announced its results, with issues at a US plant overshadowing growth forecasts. The London Stock Exchange is facing a takeover bid amidst a turbulent period marked by continuous snubs and overseas takeovers over the past year. In December 2024, billionaire Daniel Křetínský, also known as the 'Czech Sphinx', had his £3.6bn takeover of the Royal Mail greenlit by the UK government.

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Government announces multibillion-pound plans to boost UK steel industry

2025-05-11 19:45:15

The UK Government has unveiled a multibillion-pound strategy to bolster the domestic steel industry and ensure its long-term viability. A consultation has been initiated to tackle persistent challenges facing the sector, including elevated electricity costs, unfair trade practices, and scrap metal recycling. Amidst US President Donald Trump's proposals for tariffs on steel products, the Government has pledged to allocate up to £2.5bn in support of the UK steel industry. Assistance will be provided through the National Wealth Fund, with potential benefits extending to regions such as Scunthorpe, Rotherham, Redcar, and Scotland. The funds will be utilised for initiatives aimed at securing steel's long-term future, including the development of electric arc furnaces. The announcement follows the Government's approval for Heathrow Airport's expansion, which is anticipated to necessitate 400,000 tonnes of steel. In recent years, the industry has confronted numerous hurdles, including a shift towards more environmentally friendly production methods at the vast Port Talbot facility in South Wales, resulting in job losses. Business Secretary Jonathan Reynolds said: “The UK steel industry has a long-term future under this Government. We said that during the election, and we are delivering on it now. The deal announced by Heathrow announced this week will secure a strong industry pipeline for years to come – and we are putting the full weight of Whitehall behind the industry to build on this success. “Britain is open for business, and this Government has committed up to £2.5bn to the future of steel to protect our industrial heartlands, maintain jobs, and drive growth as part of our Plan for Change.” Gareth Stace, director general of UK Steel, emphasised the importance of joined efforts in crafting the upcoming Steel Strategy. He said: “Developing the Steel Strategy must be a collaborative process, and the consultation is an open invitation for all stakeholders to help shape the future of UK steel. “The Government’s commitment to our steel sector is both vital and welcome. A robust, bold, and ambitious Steel Strategy has the power to reverse the sector’s decline, particularly as we face increasing competition from imports benefiting from more favourable business conditions. “By setting out a clear business plan and roadmap for investment, the Government can secure a brighter future for our industry, safeguard jobs, and support steelworkers and their families.” Unions welcomed today’s announcement. Community general secretary Roy Rickhuss said: “After a long era of neglect under the previous government, we welcome the Government’s firm commitment to our steel industry. The new green paper sets out some of the main challenges and opportunities our steel sector will face over the years ahead, posing important questions on how we can secure and boost existing capacity, stimulate demand for UK steel, and deal with longstanding problems like industrial energy prices.”

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How women’s sport entrepreneur Tina Taylor aims to grow her business after winning Havas backing in Dragons' Den-style contest

2025-05-17 21:00:21

The founder of a Greater Manchester talent agency is aiming to sign up more big stars after winning a “Dragons' Den-style” business competition judged by an Apprentice winner. Christina (Tina) Taylor, founder of Aim Sky High Talent, a talent agency based in Trafford, was named winner of the Havas Boost contest that aimed to boost the Northern economy by aiding businesses in Manchester. The Havas Media Network project aimed to honour a meaningful business that gave back to underprivileged communities – and picked Tina as its winner after two months and 50 applications. Tina – whose clients include England goalkeeper Mary Earps – is set to receive a “Boost package” of £150K and mentorship from the media group as she continues her ambitious plans to grow the company. The winner was chosen from six finalists by a board of judges including 2018 Apprentice winner, Sian Gabbidon. Sian said: “Being a judge was amazing,” adding that “the energy was incredible” and “meeting so many talented and passionate business owners highlighted the incredible potential across the entrepreneurial community in the North.” Recognising many entrepreneurs for “building their businesses from nothing,” the Sian Marie Fashion owner said: “Choosing a winner was no easy task, but knowing this funding will transform not just their business but also the lives of those their business impacts make it all worthwhile. It’s incredibly rewarding to know this opportunity will be life-changing for them and their future.” Christina – known as Tina – attended the Havas Boost event in November during Manchester’s Global Entrepreneurship Week celebrations after seeing a colourful billboard advertising the scheme. She says she had entered business competitions before but has “genuinely not seen anything like” Havas Boost and “really tried so hard”. She added: “Our business and agency can be very difficult to understand. I feel that Havas understood the business model and opportunity well. “I think that my business is, for some, three or four years too early in women's sport, but I think Havas understands the opportunity within women's sport because of the nature of the work Havas do. “The process was not complicated. The pitch process was fun and it was nice to have 15 minutes to explain what you do because often people say pitches should be 3-5 minutes and I don't feel you get to explain the depth of what you do in that time.” Tina’s clients include footballer Gabby George from Manchester, who returned to the Lionesses squad last year following a major ACL injury. Aim Sky High Talent’s representation spans across TV, social media, modelling, and sports. Tina has a keen ambition to represent more female sports stars and says she admires athletes such as Ilona Maher, Olympic Team USA-Rugby star and American Tiktok sensation, who she is set to join England’s Bristol Bears for three months. With her Bangladeshi and Caribbean heritage, Tina especially focuses on providing representation and opportunity to those of underprivileged and diverse backgrounds who may struggle to enter media or sports industries. She is now looking to sign athletes in track and field. Tina first became passionate about enterprise at 13 when she began her own dance school. At 16, already working with 23 girls her own age, she began to teach younger children and by 19 the group received £70,000 worth of community funding. She won a social enterprise competition of £1000 whilst at university studying business and politics, and later securing a full masters scholarship. She said she was affected by her youth centre facing defunding during the time David Cameron was in office. Her research on “The barriers and enablers to transitioning voluntary and community organisations into successful social enterprises, looking at black founders from disadvantaged backgrounds”, even featured in a government report commissioned by Mr Cameron himself which looked at how to boost enterprise in disadvantaged areas. Tina has always nurtured a passion for meaningful enterprise. Nick Wright, CEO of the Havas Play Network, said the Boost winners needed to show scalability, impact and uniqueness. He said Tina’s business ticked all those boxes and that there was an “immediate correlation between what [Havas] do… but also the way that [they] behave”. Mr Wright explained Havas Boost was held in Manchester to help grow opportunity and investment in the North West. He said: “ I'm northern myself and I know that north-south divide, mentally. I see people in the South who can be from the same sort of social background have a sort of confidence, like they're just a bit more optimistic that everything's going to be great. “When you're 200 miles away [from opportunity,e.g. London], you're more skeptical. We saw that in the data, which is why we did Boost.” Tina added that the North-South divide particularly affects those in the media and talent industries, saying: “I have to be in London every week, meeting clients, and the train fare alone can be a barrier, not to mention the hotel stay.” She said that expense could be a real barrier to northern businesses growing as many clients are down south, as are many networking opportunities. She added: “It's so difficult, especially at the beginning, if you don't have the finances to keep being in London with a £100 plus train fare every week.” Nick Wright from Havas said his company would aim to provide the contacts, tools and resources to help TIna’s business to grow: “The partnership is committed to promoting social mobility, diversity, and creating opportunities for underrepresented groups.” Read our #IAMBOB newsletter for all the latest news for and about Black-owned businesses – sign up here for free Tina last year graduated from the Football Industries MBA (FIMBA) at the University of Liverpool’s Management School. Her MBA business plan formed the basis of her Havas Boost application. She received a full scholarship for her MBA thanks to a partnership between the university, Sky and anti-racism organization Kick It Out that has delivered four full scholarships each year to FIMBA home students from under-represented ethnic groups. Dr David Cockayne, Senior Lecturer at the University of Liverpool’s Management School said: “Tina was a pleasure to work with. It was great to see her final thesis come together as the outcome of a great deal of persistence, hard work, and thinking beyond traditional business boundaries. She fused her experience from our FIMBA programme with her own business experience to great effect, and I wish her all the best for the future.”

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Morgan Sindall issues dividend hike as annual revenue hits record

2025-04-21 20:34:17

UK construction and regeneration group Morgan Sindall has announced record results for the year ending 31 December 2024. The group saw a 10% rise in revenue to £4.55bn, while adjusted operating profit climbed 15% to reach £162.6m, as reported by City AM. Adjusted profit before tax also increased by 19% to £172.5m, with adjusted earnings per share growing 13% to 278.8p. The company's net cash position improved to £492m. Following these strong results, Morgan Sindall boosted its total dividend by 15% to 131.5p per share. The firm, which offers construction, fit-out, property services, and urban regeneration for both public and private sector projects, reported a 28% expansion in its secured order book to £11.4bn. This growth was largely driven by its Mixed Use Partnerships arm, which saw a 62% increase in secured orders to £6.3bn. The Fit Out division also experienced a 31% boost in its order book to £1.4bn. Partnership Housing recorded an 18% increase in operating profit to £36.1m, with revenue up three per cent to £861m. Mixed Use Partnerships maintained steady revenue, though operating profit declined to £1.5m due to project completion phasing. However, its secured order book grew by 124% to £4.1bn. The Fit Out division delivered a robust performance, with operating profit up 38% to £99m and revenue up 18% to £1.3bn. The construction sector delivered robust performance for the company, with an eight per cent increase in revenue to £1.04bn and a notable 19 per cent climb in operating profit to £30.9m, aligning with its medium-term aspirations. Infrastructure services also witnessed considerable growth, posting an 18 per cent rise in revenue to £1.05bn. Operating profit reached £38.5m, even amidst project schedule fluctuations. John Morgan, Morgan Sindall's chief executive, expressed his delight at the year's outcomes: "2024 was another record year, reflecting the high quality of our diverse operations and the commitment of our people. We achieved double-digit growth in adjusted profit before tax and increased the full-year dividend by 15 per cent, supported by our strong order book." He commended the strategic advances and operational enhancements across the company, which position them favourably for aiding government initiatives: "Throughout the year, we made significant strategic and operational progress across the group and remain well positioned to support the government's affordable home and social infrastructure plans over the medium term."

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GSK boosts 2031 revenue target to over £40bn following robust Q4 results

2025-05-20 10:38:39

Pharmaceutical titan GSK has raised its 2031 sales forecast to over £40bn, an increase from the previously projected £38bn, following a stronger-than-anticipated performance in the fourth quarter. The London-listed pharmaceutical behemoth disclosed core earnings per share of 23.2p for the quarter, which, despite being a roughly 20% decline year-on-year, exceeded the analysts' expectations of 19p, as reported by City AM. For the entire year of 2024, GSK reported core earnings per share of 159.3p, marking a 10% rise at constant exchange rates. Turnover climbed by seven percent at constant exchange rates to £31.4bn, or by eight percent when excluding sales related to the Covid pandemic. The company declared a dividend of 16p per share for the fourth quarter, culminating in a total annual dividend of 61p. It anticipates a dividend payout of 64p in 2025. Additionally, GSK revealed plans to return £2bn to shareholders through a share buyback programme over the next 18 months. Looking ahead to the forthcoming year, GSK forecasts turnover growth of three to five percent in 2025, alongside a core operating profit increase of six to eight percent. "GSK delivered another year of excellent performance in 2024, with strong sales and core profit growth driven by accelerating momentum of our specialty medicines portfolio," stated Emma Walmsley, Chief Executive Officer, in a release. "This, together with outstanding phase III pipeline progress, means we expect another year of profitable growth in 2025, and have further improved our long-term outlook, with sales of more than £40bn now expected by 2031." Walmsley also noted increasing R&D investment and new medicines in its Respiratory, Immunology & Inflammation, Oncology and HIV divisions. Despite the better-than-expected earnings, GSK also reported a third decline in profit last year as it was forced to pay nearly £2bn to settle lawsuits over the heartburn drug Zantac. GSK was forced to pay around £1.8bn to settle thousands of cases in US courts in October amid claims Zantac caused cancer.

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Three North East firms named among future $1bn UK 'unicorns'

2025-05-01 21:47:11

Three companies in the North East have been identified in a list of firms poised to become worth more than $1bn in coming years. Atom Bank joins its County Durham neighbour Pragmatic Semiconductor and Newcastle-based hydrogen innovator Geopura among entrepreneurship research company Hurun's Unicorns and Future Unicorns Index 2024. The report identifies 53 British unicorns, as well as 84 pre-unicorn stage companies, known as gazelles and cheetahs. Digital challenger bank Atom and chip maker Pragmatic Semiconductor are among Hurun's gazelles - defined as companies that are expected to reach a valuation of $1bn, or "go unicorn" - in the next three years. Last year Atom reported it had hit a key milestone of full, pre and post-tax profitability with operating profit rising to £27m, up from £4m in 2023. A £100m funding round in 2023 valued the bank at about £362mn. Pragmatic, which is pioneering the production of flexible chips which are thinner than a human hair, attracted £182m of investment in late 2023 - valuing the firm at around £500m. Alongside a Cambridge base, the firm is expanding its County Durham production on the 15-acre Pragmatic Park site which hosts a second production line in addition to an existing facility at NETpark. Meanwhile, Geopura - which is focused on the production of Hydrogen Power Units (HPUs) to replace traditional diesel generators - is identified among Hurun's cheetahs, which are expected to go unicorn within five years. The 130-strong firm is based at Siemens Energy in Newcastle and last year secured £22m investment. Derek Bulmer, CFO at GeoPura, said: “We’re incredibly proud that GeoPura has been recognised by Hurun as a company on track to achieve unicorn status by 2029. This recognition underscores the tremendous progress we’ve made in scaling up our hydrogen power solutions and highlights the vital role we’re playing in the UK’s transition to clean energy. "As one of the largest producers of green hydrogen in the UK, we’re doing far more than simply replacing diesel generators - we’re driving a fundamental shift in how power is generated and consumed. Our Hydrogen Power Units (HPUs) provide a reliable, zero-emission alternative for industries that have long depended on fossil fuels, improving air quality and reducing carbon emissions across sectors like construction, live events, and broadcasting. Our momentum has never been stronger. Over the past year, we’ve secured significant funding, signed multi-year contracts with household-name customers, grown our hydrogen logistics capacity, and expanded our workforce. Our growing production capabilities in Newcastle, developed in collaboration with Siemens Energy, enable us to manufacture fuel cell generators at scale and deploy them exactly where they’re needed most." Rupert Hoogewerf, Hurun's chairman and chief researcher, said: "The UK is the best place in the world for Unicorns outside of the US, China and India, showcasing that Britain is a magnet for entrepreneurs from around the world, complimenting the extensive homegrown talent already present in the country.

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Compass Group boosts global presence with £800m in M&A, driving robust revenue growth

2025-04-30 01:22:17

Compass Group, the catering company, has reported an organic revenue growth of 9.2% in the last quarter, with all divisions contributing to this increase. The FTSE 100 food service group revealed a 9.7% organic revenue growth in North America, 8.4% in Europe, and 7.9% in the rest of the world, according to its quarterly trading statement released today, as reported by City AM. Compass disclosed that it had invested $1bn (£800m) in mergers and acquisitions during the quarter, including the takeovers of Dupont Restauration in France and 4Service in Norway. Last year, Compass unveiled plans for a multi-million-pound acquisition of rival CH&Co, the preferred hospitality provider for Kew Gardens and the Royal Opera House. "We are pleased with the strong start to the year. The group delivered good growth across all regions and sectors, supported by continued strong client retention," Compass stated. "We are an even more focused business and are leveraging investments in capex and M&A to support future growth, as we maintain our strong track record of delivering long-term, compounding shareholder returns." Over the past year, the group’s share price has surged by 28%. Compass also announced that since its ‘rest of the world’ division now represents only around five per cent of revenue, it will be merged with its European division to form an International region alongside its North American one. The company has maintained its 2025 guidance, forecasting high single-digit underlying operating profit growth and organic revenue growth exceeding 7.5 per cent. However, it cautioned that if current currency spot rates persist throughout the year, foreign exchange translation could adversely affect revenue by $558m (£447m) and operating profit by $36m (£29m).

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Gold price to hit new record as 'deep-rooted bullish sentiment' drives it higher

2025-05-20 12:51:27

Gold prices have surged by 10 per cent in 2025, reaching $2,900 (£2,300), prompting UBS to revise its target price for the precious metal upwards once more. UBS analyst Joni Teves commented on the performance of gold, noting that it has faced "unprecedented market dislocations" and achieved a record high in 2024, with expectations set for even higher movements in 2025, as reported by City AM. Teves pointed out that the gold market is currently driven by "deep-rooted bullish sentiment," as investors consider it a safe-haven asset amidst the highly uncertain and volatile macroeconomic climate. "After missing several buying opportunities in 2024, investors are likely wary of repeating the same patterns and may want to take advantage of corrections sooner this time around," she remarked. Teves also mentioned that factors such as uncertainty over tariffs, concerns about the return of stagflation, and ongoing global conflicts could see gold continue to benefit from its 'safe haven' status. Furthermore, UBS anticipates stronger-than-expected official sector demand, bolstered by initiatives like China's pilot programme that permits insurance companies to invest in gold, providing significant support to the market. The bank's updated forecasts suggest that gold will rise to $3,200 later in the year before gradually declining, yet still ending 2025 above $3,000. UBS also observed a continued lack of investor positioning in the precious metal, indicating "suggesting plenty of scope to add gold to portfolios." Alec Cutler, director at Orbis Investments, has noted that despite the soaring price of gold, Western investors have largely refrained from flocking to this asset class. "The number of iShares and SPDR ETF investors has been dropping for the last two years... meaning gold's rally so far is being driven by central banks and Asian investors," he shared with City AM. He suggested that the robust returns of the 'Magnificent Seven', coupled with the allure of cryptocurrencies, have deterred investors from gold, but this trend is likely to change over the course of the year. Consequently, Cutler anticipates that the rally in gold will gain further momentum once Western investors start investing in it. On a different note, UBS analysts have maintained their forecasts for other precious metals, such as silver and platinum, unchanged.

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Heathrow could face legal challenge from airlines over third runway, Emirates' boss warns

2025-04-30 01:34:54

Emirates' chief has cautioned that London Heathrow Airport could be subject to a legal challenge from its airlines if they are compelled to finance a third runway. In a discussion with the Financial Times, industry stalwart Sir Tim Clark warned of potential increases in landing charges to fund the expansion, as reported by City AM. "This could end up in legal challenges if you are not careful . . . we have to find an elegant means which satisfies all stakeholders," he stated. Clark, who has been at the helm of Emirates since 2003, is a strong advocate for a third runway at Heathrow. He expressed to the Financial Times the "crying need" to boost capacity due to "quite extraordinary" demand levels. Heathrow has seen a post-pandemic surge in passenger numbers, welcoming a record 83.9m through its gates last year. However, since Chancellor Rachel Reeves approved the third strip in January, questions have arisen regarding how it will fund the expansion. "Say the cost is £20bn, and they are using a model that places on the incumbent airline community the costs of dong that . . . that's going to be a pretty horrendous sell job [to airlines]," Clark commented. "Some might not be in existence by the time it is finished." Earlier this month, airlines and hoteliers utilising the Hounslow hub jointly called on the aviation regulator for "urgent and fundamental" reform of its regulatory model. The Heathrow Reimagined campaign, initially made up of companies such as Virgin Atlantic and British Airways' parent company IAG, argues that Heathrow's monopolistic structure has resulted in the interests of consumers and carriers being overlooked. The group claims that airlines are now required to pay £1.1bn more annually in landing fees than at competing European airports, even as passenger experience deteriorates. In recent weeks, the campaign has gained substantial support, including from the International Air Transport Association (IATA). American Airlines became the first major airline outside the UK to join the campaign on Monday. A spokesperson for Heathrow Reimagined stated: "Despite recent announcements made declaring a "privately-funded" expansion programme, we are clear that it will be the passengers who foot the bill through higher passenger charges."

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Humber renewables champion Camilla’s calling came as green power became the new big thing

2025-04-22 09:06:38

Born into a maritime family with great heritage on the Humber, Camilla Carlbom Flinn’s rise to prominence in the sector came at a time of incredible transformation. For while the energy transition has played out from the corridors of power to homes and industry, no clearer a picture has emerged than on the Energy Estuary itself. Immingham Dock, built principally to export coal, was walked across during its construction by her great grandfather as excavations completed on the 45-acre enclosure back in 1912, ahead of his eponymous ship's agency handling the very first vessel to enter the lock. Less than a century later the port was being repurposed to import the fossil fuel at scale, as power stations needed coal to keep the country’s lights on, while mines of Yorkshire and Nottinghamshire closed. As the nation was weaned off the black stuff, renewables brought evolution across both banks. Carlbom Shipping - now Pentagon Marine, following its acquisition in 2022 - fulfils a critical role for those vessels chartered to help build the world’s leading wind farms, and has recently added the world’s largest jack-up vessel to a proud list. Instrumental to that change has been Camilla. Born in Cleethorpes, school holidays were punctuated with regular visits to the Immingham office, before she headed off to study international business management and broadcast journalism. An early media career took her to Paris, London and New York before returning to Lincolnshire with her young family in 2008. Her father Anthony’s sudden passing saw her take the helm of Carlbom Shipping as a new industry dawned, a move that was always in the making, but happened without warning. “I was always involved in the business from my teenage years, I’d always been around the office, I’d met clients and accompanied my father to business lunches and dinners,” she said. “Before I even came back to the Humber, I knew the team in the office very well, and quite a lot of the clients, but I only came back 17 years ago when my father passed away.” Carlbom had been founded in 1897 in Grimsby, expanding to Hull and then Immingham when the port was created. A proud history with enviable achievements throughout, Camilla said: “We handled the very first vessel to enter Immingham Dock, the SS Max, and it is wonderful that we are still here, alongside some of the same family companies still working on the river. That’s the lifeblood, the small, long-established companies with wonderful relations on the Humber. We have all grown in different ways. It is the basis of the maritime network that has also become the renewables network on the Humber.” Those first tentative steps into offshore wind have blossomed, and under Pentagon the business is now working from Aberdeen to Lowestoft, and thriving on the Humber, where so much has played out. “We’ve been very much involved in the construction of all the major wind farms off the East Coast in the last decade, so too operations and maintenance in Grimsby. “We’ve found a need for the traditional element of being a ship’s agent, but this has expanded to encompass warehousing, transport, customs, procurement - it really is a massive logistical enterprise to support the offshore wind network. That has been fantastic for so many companies around the Humber and beyond. You can see the investment it has brought, you see it in Grimsby, you see it in Hull and you see it in Immingham. The ports are busy, particularly when it comes to the construction phase. The scale of vessel movements is just incredible for the area.” The long-standing team and its independence made the transition a simpler one than it may have been for others. “We could be very agile,” Camilla said. “We could respond really quickly, and if we had an unusual request we could just get on and sort it, and that’s engrained in our service levels to our customers. Whatever they need, even if they might not know they need it, we have the knowledge and experience to deliver. “There are so many aspects of offshore wind, particularly in construction. It has been a sea-change in how we operate and the services we offer, and this transformation was essential, with all the coal-fired power stations being forced to close. It has been vital for the maritime sector.” Her crowning as Humber Renewables Champion was as much about her work outside of the agency as within. Camilla is a leading light in Humber Marine & Renewables, and, continuing another family role, is honorary consul for Sweden and Finland, while also sitting as chair of the Humber chapter of the Swedish Chamber of Commerce, and a member of the Swedish Council in London, actively promoting business and cultural connections across the North Sea. She first became involved with the Humber Marine & Renewables, formed with the merger of Team Humber Marine Alliance and Grimsby Renewables Partnership, in 2010. “I remember my first international trip to Denmark in 2010, taking in Esbjerg, looking at a Siemens blade factory over there. Now it is incredible to fast forward 15 years and we are doing that on the Humber, showcasing how to operate in offshore wind to the rest of the world. We have had visitors from China, South Korea, Taiwan and the US, as well as Europeans. We are now the posterchild for offshore wind - particularly in how you can use the assets of old fishing industries that have lost some of their power, and utilise the infrastructure the skills and talent, and just apply it into offshore wind. It is an incredible achievement.” And while now a senior figure on the board, she credits the organisation for supporting such growth. “For a small business to set foot in the offshore sector, Team Humber just opened so many doors,” she said. “You don’t meet people by cold calling, but at events Team Humber put on, it is fun. You meet interesting people, learn about their business, find common ground, and when you need a service or a sub-contractor you have that network. “We have done a lot of work for some major players in the sector, and on the Hornsea Two project (the latest completed by Orsted on the Humber) we had 125 sub-contractors. A lot of that supply chain was local, and it included hotels, taxi firms, bus companies catering, security, cleaning services - it is not just about vessels, it is machinery, repairs, bunkering, stevedores and the list goes well beyond maritime. That’s what offshore wind brought to the community.” Twinned with her journalistic training and experience, she has found incredible advantage in the trade organisation. “It has always brought great benefit to business, and the people involved have always been so welcoming, and it is nice to give back,” she said. “We are all voluntary directors, but what you give you get back, you get pushed out of your comfort zone, but why not? The more businesses we can support, the better it is for the region. “We should be shouting about what we can do on the Humber, we’re at the forefront of offshore wind, hydrogen, decarbonisation and - for being the highest CO2 emissions area in the UK - we’re also going to be leading the way with carbon capture. The investment into that side of the industrial decarbonisation plan is huge and kudos to the big players who are making it happen. We all have a responsibility, but it takes leadership, and the Humber is one of the leading areas.” Camilla quite rightly was recognised for her leading role too, but she modestly deflects the spotlight on to the emerging talent and innovation that the Humber Renewables Awards champion. Referencing the Clean Maritime Demonstration Competition, with Hull’s MMS involved in GT Wing’s new propulsion technology, Tidal Transit fitting electric engines to crew transfer vessels and the first charging points proposed at offshore farms, she said: “All will be normal in a decade’s time, but they are starting here. “That’s the joy of the Humber Renewables Awards; you find out about all these amazing innovations, and what they are doing, be it projects, community involvement or skills. A lot of it is at grass-roots level, and some is led by the big corporates, while offering game-changing experiences to our educational sector. It is amazing and all ties in, and it needs celebrating. “There are so many amazing people that do so much, not just within their businesses but outside of that. It was a surprise to hear my name, and I was quite unprepared for it. I really was so honoured because I know what people do for their communities, and - particularly when you have been a judge – you know about so many different companies and different people, who you admire. To then to be picked out and have that recognition was really touching. It is very special as there are some amazing people who have been Humber Renewables Champion in the past. “It was wonderful, but then you have to double-up your efforts, make sure you earn the title until the honour passes on to the next recipient!” Could that be you? Entries are now being sought for all open categories, with a deadline of Friday, March 14. The Humber Renewables Awards dinner is the finale to Offshore Wind Connections 2025, taking place at Hull’s DoubleTree by Hilton Hotel on May 1. Orsted, Rix Renewables and RWE are supporting, with Business Live as media partner. Further opportunities for sponsorship are still available. For more information, or tickets to the event, visit www.humber-renewables.com or email awards@humber-renewables.com. This category will recognise those who have spotted an opportunity in the renewables market. The winner will be able to demonstrate fast growth, a healthy profit and a solid plan for the future. It could be a company set up solely to work in green energy or a traditional business which has branched out. One of the reasons Siemens Gamesa decided to invest in Hull was because of the great engineering and maritime infrastructure the Humber already has. Enter here . Last year’s winner: River Energy and Renewables Ltd Running a major company is tough in any field but in an evolving sector like renewable energy it has complexities beyond most. Businesses have to be instantly adaptable, on top of the latest technology and ready to make the most of opportunities offered by the Government’s regularly updating green agenda. This award’s winner will be a regional firm with at least 50 employees and bold ambitions to become even bigger. Judges will be looking at past financial performance and recruitment in the past year. Enter here . Last year’s winner: RWE This prize is for the game-changers that are making it happen. Judges will be looking for a winning project that produces clean power, is built to the highest of standards and encapsulates the area’s expertise. The category is open to schemes of any scale, from multi-million pound developments to micro-generation programmes. It could be won by a firm focused on renewables or a company, public sector organisation or educational establishment which has done its bit to reduce our carbon footprint. Enter here . Last year’s winner: Tidal Transit Multinational green energy companies may have their eyes on the region and feet on the ground but success in bringing them here means nothing if they cannot find qualified employees. Getting the training right for any potential workforce is vital and this award will celebrate those organisations which have done most to create a much-needed skills base. The category is open to employers, specialist centres and education providers. Enter here . Last year’s winner: Hull College This category will reward the educators who have done most to promote the value of clean power and understand the opportunities it brings. It could be as part of an energy qualification or learning programme run by a university of college, or a one-off project at a primary or secondary school. Entries will be able to demonstrate what the aims of the project were, how they were achieved and any feedback from students. Submissions may also include details of whether, and how, the project was supported by industry. Enter here . This award is returning after a break in 2024. Green energy can be cheaper than its fossil fuel equivalents and this is down to innovation. This award will reward firms of any size that go out of their way to be more efficient and are not afraid to come up with novel approaches. Judges will be looking to see how innovation has made a real difference. That could be developing a different business model, refining existing technology to make it leaner and more effective, or introducing a new solution. This award is not just open to energy firms. Companies in the recycling sphere, or those reducing consumption are welcome, as are businesses where inventive methods have seen carbon footprints reduced. Enter here . This award is also returning after a break in 2024. This category will recognise a renewable energy project that has the community at its heart. This could either be through raising public awareness of renewable energy needs or involving a local community in a project. Or this could be a renewables project driven by a local community or organisation, or one that is to the benefit of one. Going the extra mile in support of major initiatives is welcome too, ensuring the Humber and its hinterland reaps what it deserves from hosting such industrial endeavour. Enter here . Last year’s winner: Projekt Renewable Humber Renewables Woman of the Year This award aims to recognise and celebrate women working in the energy sector who go above and beyond business-as-usual. This may be someone who has consistently demonstrated outstanding leadership, has contributed significantly to the expansion and improvement of the power sector or it could be a young role model who is destined to shape the future of renewable energy, having been acclaimed by peers or the wider industry. Enter here . Last year’s winner: Lauren Little, Orsted / Humber Offshore Wind Industrial Cluster Green collar jobs are the envy of many, providing a clear contribution to a better world, with highly skilled on-task learning the backbone of career starts. It is an industry at the heart of levelling-up and perceived vocational and academic differences were swept away on an early tide when it came to getting ahead in renewables. We want to celebrate the success of those engaged in an apprenticeship programme. Enter here . Last year’s winner: Ryah Russell The winner of this award will have a passionate focus on promoting the renewables industry in this region. It could be an individual, public sector body or company - the key is a real focus on making the Humber the Energy Estuary. They will have tirelessly campaigned to promote green power. A worthy winner would be anyone who has helped attract new investment, encouraged Government support of the ambition or paved the way for more jobs. It could also be an organisation or person who has ensured the reputation stretches beyond the region. Judges will be looking for candidates whose aim was not just to further their own business, but to create opportunities for all. This is a special award, bestowed by the panel. Last year’s winner: Camilla Carlbom Flinn, Pentagon Marine Ltd / HM&R ENDS For further information, photography or interviews, please contact Dave Laister at Fred Marketing on 01482 227227 / 07730 639525 or email dave.laister@reachplc.com About Humber Marine & Renewables

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North East business life: award, community and charity events of the week

2025-05-16 15:53:48

Hays Travel celebrated 23 long-serving colleagues at a dinner in Durham hosted by Dame Irene Hays. Staff members from retail branches in the North and head office departments reaching 10, 20 and 30-years of service milestones, receiving a unique piece of Sunderland studio glass from the National Glass Centre and a Hays Travel voucher to redeem against their own holiday. Among those being recognised was chief operating officer Jonathon Woodall-Johnston, who has been with Hays Travel for 20 years, having joined as an apprentice in 2005. Dame Irene Hays said: “Loyalty is one of our core values and we actively look for opportunities to recognise those colleagues who have consistently contributed to Hays Travel’s success. This annual celebration event is a thank you to our people who have been with us for ten, twenty, and even thirty years. “It was a particular highlight to recognise so many colleagues who joined us as apprentices, including our chief operating officer Jonathon Woodall-Johnston. His career and those of others who have forged successful careers in travel truly inspire our apprentices – we currently have over 500 in the business. My congratulations to everyone celebrating their service milestones and thank you for your loyalty to Hays Travel.” Retail director Jane Schumm added: “We recognise our colleagues’ loyalty as early as six months after joining our Hays Travel family, and we give our people the opportunity to learn, develop and progress in their work. We encourage everyone to follow their own path, and we are grateful that so many decide to stay with us for the long haul - which we credit to our company culture, values and advancement opportunities.” A second event celebrating long-serving colleagues based in the South will follow later this month. North East care and leisure group Malhotra Group has picked Gosforth-based St Oswald’s Hospice to be its 2025 charity partner. The group, which owns bars, hotels and restaurants across the North East along its residential care provider Prestwick Care will carry out a variety of staff and customer focussed fundraising initiatives throughout the year. For more than 35 years, St Oswald’s Hospice has provided care for people of all ages who are living with a progressive, life-limiting condition and for their families and carers. Chief operating officer Atul Malhotra said: “Since 2016 we have supported a variety of charities – from MIND and Dementia Matters to Newcastle West End Foodbank and cancer support charity, Daft as a Brush. All do fantastic work, with care, service and kindness – and the same can most certainly be said of our new charity partner. St Oswald’s Hospice’s exceptional team supports children, adults and families at the most difficult of times – with expertise, gentleness and with genuine human warmth. “They are quite simply amazing and we at Malhotra Group will do all we can over the coming year to raise as much money for them - and awareness of them - as we can.” Steph Edusei, chief executive at St Oswald’s Hospice, said: “This partnership means such a lot to us as a charity. I know that, together, we can make a real difference to people’s lives.” Newcastle Building Society has signed up to the UN Principles for Responsible Banking, a single framework for a sustainable banking industry developed through a collaboration between banks and building societies worldwide. The framework is a United Nations Environment Programme Finance Initiative (UNEP FI) and sees signatories identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. Signatories to the Principles share best practice and work together on practical guidance and pioneering tools which benefit the entire industry and accelerate the changes necessary to achieve shared prosperity for both current and future generations. Andrew Haigh, Newcastle Building Society CEO said: “We are proud to commit to the UNEP FI Principles for Responsible Banking, and by doing so, join the world’s largest global banking community focused on sustainable finance. In an ever-changing world we recognise our responsibility to build the long-term economic, social and environmental value for our communities. “As a member-owned organisation, we’re committed to the people and places that make up our communities, and the things that matter to them. Being a signatory to the Principles and joining UNEP FI is an explicit commitment from us to being ambitious in our sustainability strategies and decision-making to create positive change for our communities. And as the Society continues to grow and innovate, it will help us seize opportunities arising from the transition to a more sustainable society.” Newcastle Quayside hotel Innside Newcastle, part of Meliá Hotels International, has announced a year-long art partnership with the Baltic Centre for Contemporary Art. The partnership will see Baltic transform the Innside Newcastle gallery space into a vibrant hub for contemporary creativity, offering guests and visitors the opportunity to experience world-class art in a new setting. The link-up starts on April 1, when the gallery space will showcase a selection of contemporary artworks curated by Baltic featured artist Jimmy Turrell until the end of June. Mr Turrell is an acclaimed Newcastle-born artist and video director known for his hybrid techniques combining collage, printmaking, and photography. His work has been exhibited internationally in Tokyo, Paris, Berlin, and London, and he has collaborated with major music icons including Elvis, The Chemical Brothers, and Aretha Franklin. Sara Ley, head of trading at Baltic, said: “We are excited that Baltic is forging a partnership with Innside Newcastle who share our strong commitment to supporting and showcasing local artists. We look forward to presenting work from the great creative talent we have within the city on the other side of the quayside. The presentations will rotate throughout the year and people will be able to purchase the work and bring art into their homes.”

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Centrica shares surge after owner of British Gas beats earnings estimates

2025-04-29 05:05:37

Centrica's shares surged nearly 10 per cent in early trading today after the British Gas owner surpassed earnings estimates and increased its dividend. The FTSE 100 energy company reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of £2.3bn for the year ending 31 December, as reported by City AM. Although this was a decrease from last year's £3.5bn, it significantly exceeded analyst predictions of £1.6bn. Adjusted earnings per share were 19p, surpassing previous forecasts of 18.62p. Following these results, Centrica announced on Thursday its plans to increase its dividend by 13 per cent to 4.5p and extend its existing share buyback programme by £500m. "2024 was a good year for Centrica as we made further operational improvements and ramped up our investment programme," said CEO Chris O'Shea. "This has resulted in happier customers and more innovative propositions, but there is so much more we can do." The British Gas owner also reiterated its targets for the coming years. According to its annual report, the energy behemoth aims for a £1.6bn run-rate of EBITDA by the end of 2028 and plans to raise the 2025 dividend per share to 5.5. "Looking ahead, I want to see Centrica continue to focus on the areas that make the biggest difference," O'Shea stated. "We are investing in the energy transition, ensuring our customers have the energy they need, when they need it at a price they can afford. "Everything we do must deliver an appropriate return, and and our investments during 2024 demonstrate our ability to invest responsibly and profitably."

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Hermès share price rises as handbag-maker retains luxury crown

2025-04-27 01:01:57

Shares in luxury handbag retailer Hermès saw an increase this morning following the family-owned company's announcement of another impressive set of results. The firm reported a revenue of €15.2bn (£12.66bn) for 2024, marking a 15 per cent year-on-year rise, as reported by City AM. The share price of the Euronext-listed company climbed 2.5 per cent in early trades, indicating a 34 percent increase over the past year and a threefold surge since 2020. Operating income reached €6.2bn—equivalent to 40.5 per cent of sales—while net profit amounted to €4.6bn—30.3 per cent of sales. Hermès has managed to remain unaffected by the widespread downturn in the luxury sector over the past two years, a resilience analysts attribute to its strong brand identity and the coveted status of its Birkin bags. "In 2024, in a more uncertain economic and geopolitical context, the solid performance of the results attests to the strength of the Hermès model and the agility of the house’s teams, whom I thank warmly," said Axel Dumas, Executive Chairman of Hermès. He added: "While preserving the group’s major balances and its responsibility as an employer, the house is staying the course, attached more than ever to its fundamental values of quality, creativity and savoir-faire." Notably, even sales in Asia increased, a remarkable feat considering the global luxury downturn has been largely driven by falling sales in this region. Sales in Asia, excluding Japan, saw a 7 per cent increase, while sales in Japan surged by 23 per cent. The Americas and Europe also experienced robust growth with sales rising by 15 per cent and 19 per cent respectively.

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Global expansion to become 'the most important priority' for businesses by 2030

2025-04-21 08:05:27

According to new research from HSBC, international earnings of the world's fastest-growing companies are predicted to surpass domestic revenue by 2030. A survey of 1,143 global senior decision makers in companies with a revenue between £18m and $5bn found that overseas revenue currently represents less than half of their income, as reported by City AM. However, this is expected to change in the next five years as business leaders prepare for global expansion to become a higher priority. In an interview with City AM, Vivek Ramachandran, HSBC's head of global trade solutions, stated that companies not considering global expansion are "you're missing out on a huge opportunity". He added: "If you've got a competitive product or service, you're missing out on an opportunity by not defining your market more globally," Ramachandran emphasised that this shift was not due to a decline in the domestic market and there was no sentiment of businesses fleeing their homeland. "It's rather we're seeing additional opportunities grow," he told City AM. The study identified the top factors supporting international success as having the right network, capable local teams, favourable macroeconomic conditions and in-depth market knowledge. Regulatory and compliance issues made up nearly a third of the top challenges for businesses at 31 per cent. Brand recognition ranked second at 25 per cent, with increased competition third at 24 per cent. The latest research signals heightened global competition, which Ramachandran views as promising for consumers in the UK. "Competing in new markets increases your effectiveness in the whole market," he explained. "So I actually think this is good news for domestic consumers." Ramachandran remarked that expanding to new markets doesn't necessarily come at a cost to one's local customer base. He encouraged firms on the path to growth to cast their nets wider than similar or nearby markets and to "think of the world in a much more expansive way." On the subject of artificial intelligence (AI) in international business growth, the study uncovered that nearly two-thirds of businesses utilise AI to forward their plans for entering new overseas territories. Commenting on the power of AI, Ramachandran acknowledged the technology's efficiencies. However, he stressed that enterprises aiming for global dominance should still maintain a "local presence." HSBC has recently introduced its Global Expansion Assessment tool designed to support business leaders by providing an analysis of their company and identifying strengths and opportunities for expansion. Ramachandran labelled the tool as essential for a "checklist" pre-expansion, modifying it according to companies' unique needs and the particular market they wish to penetrate. He also advised ambitious companies keen on scaling their operations globally to be well prepared. Jason Talwar, a lecturer from Brown University who oversaw the research, commented: "Companies worldwide are pushing towards international expansion to diversify their revenues, manage risks, and access new talent." "The global landscape is increasingly unpredictable, and the red tape around new markets can be daunting."

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Workplace wellbeing expert wins chamber's top award

2025-05-10 17:04:48

An organisation that provides workplace wellbeing has been crowned business of the year at an annual award ceremony. The Listening Centre won the excellence in customer service category at the Greater Birmingham Chambers of Commerce Awards 2025 before being chosen ahead of the other winners to be crowned overall business of the year. A total of 11 different category winners were named on the night including recognition for Birmingham Hospice, Birmingham City University and Lichfield Garrick Theatre (scroll down for the full list of winners). The Listening Centre in Lichfield works to maintain and improve mental health and wellbeing among employees. Its operations include counselling, talking therapy, mediation, clinical supervision, bespoke training, critical incident and trauma support and psychological assessment. Last year, its expertise was highlighted in a BBC Radio 4 investigation into what defines a ‘gold standard employee assistance programme. The Listening Centre was nominated by the British Association of Counselling Psychotherapy Programme when it was approached by a BBC investigative journalist. The business was portrayed as an exemplary example of how an employee assistance programme customer service should operate, providing "prompt, personalised, person-centred support that anticipates and exceeds customer needs". It was founded in 2002 by Sharon McCormick who has worked in the counselling sector industry for 23 years and is a "life-long student" of the latest research in the field of wellbeing. The judging panel said the firm exemplified excellence in workplace wellbeing through proactive community involvement, tailored solutions and outstanding service delivery. "Strong testimonials and innovative solutions reinforce their candidacy for this award," it added. The chamber's business awards were held last night at the ICC in Birmingham city centre and hosted by broadcaster and business owner PJ Ellis, with entertainment by live band from Candy and The Sound. Customer Service and Greater Birmingham Business of the Year The Listening Centre Contribution to the Community B:Music Hospitality, Retail and Events Eventurous Inclusive People Development Birmingham Hospice International Business Solotech Manufacturing Translift Bendi Sales and Marketing Lichfield Garrick Theatre Sustainability Edgbaston Park Hotel and Conference Centre Technology and Innovation Empro Business Group Third Sector Roshni Birmingham Training and Education Birmingham City University President's Award, presented by chamber president Nasir Awan

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Recruitment firm Hays faces steep profit decline as industry pressures mount

2025-05-08 01:58:20

Hays, a recruitment firm, has reported another decrease in profit as it continues to struggle with ongoing challenges in the recruitment sector. The company's net fees, a crucial performance indicator in the recruitment industry, fell by 13 per cent in the six months ending 31 December, as reported by City AM. Operating profit dropped by 56 per cent to £25.5m, while pre-tax profit declined by 66 per cent to £9.1m. Over the past year, Hays' share price has fallen by more than a quarter. Since 2022, net fees have decreased by nearly a quarter, and the company's headcount has reduced by approximately 2,700 employees over the last two years. In the first half of 2022, Hays reported a pre-tax profit of £94m. The recruitment sector has been severely impacted by cost-cutting across industries, firms' caution over hiring, and potential candidates' reluctance to change jobs. Fellow recruitment companies Robert Walters and Pagegroup have also experienced a slump in profits as they struggle to adapt to changing conditions, with both firms also reducing their workforce. Hays' CEO stated that the company is focusing on "long-term growth markets", adding: "Our key markets are being driven by powerful, supportive megatrends and remain characterised by significant talent shortages, which we help solve for our clients. When client and candidate confidence improves and the cycle recovers, I am confident we will deliver a healthy drop through of net fees to operating profit." Hays is currently concentrating on cost-saving measures. Hays has reported annual cost savings of £25m through "operational restructuring and back office efficiency programmes" over the past six months, bringing total savings to approximately £55m since the start of the 2024 tax year. The firm noted that fees from temporary and contracting work were "growing strongly", despite significant economic challenges. Hahn stated: "Our focused strategy has five levers designed to build a structurally more profitable, resilient and growing business and, despite ongoing macroeconomic uncertainty, we have remained relentlessly focused on delivering them." Earlier this year, analysts at Panmure Liberum suggested that "deep cultural change is required at Hays as it shifts from the international growth strategy to a focus on tight operational control to drive consultant productivity faster than cost inflation." They added, "This is a complex process that will take time and there is much still to be proven."

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Tesco 'interested in acquiring axed Post Office branches' as part of franchise model

2025-04-25 20:38:28

According to reports, Tesco has shown interest in taking over a selection of Post Office branches that have been discontinued, with the intention of operating them under a franchise model. Sky News revealed that Post Office chairman Nigel Railton informed MPs earlier this week about the UK's largest supermarket chain's interest in the 108-site Crown Post Office network, as reported by City AM. WHSmith and the Co-op are already managing numerous post offices across the UK as franchises. The remaining offices, known as Crown Post Offices, are now the focus of Tesco's expressed interest. The future of the Crown Post Offices has been uncertain since last Autumn when Railton unveiled his transformation plan during a broader strategic review following the Horizon IT scandal. This scandal involved defective accounting data leading to the unjust prosecution of over 900 postmasters and is currently under investigation by both a Government inquiry and an internal Post Office probe. Initially, there were fears that these sites might shut down; however, the interest from retailers, including Tesco, indicates that a franchise model could be a more viable option. The Communication Workers Union (CWU) had previously condemned the potential closure of these sites as "tone deaf as it is immoral." Last October, Conservative shadow business secretary Kevin Hollinrake proposed that the entire Post Office could be transformed into a mutual organisation similar to John Lewis, where customers or shareholders hold the majority of shares. A representative from the Post Office told Sky News: "We are fully committed to engaging openly and transparently with MPs regarding any potential plans related to our Directly Managed Branch (DMB) network." "Since inviting expressions of interest for 108 Post Offices that we currently operate, we have received interest from retail partners and independent postmasters in the hundreds." "We remain committed to engaging with our trade unions over the potential future ownership of our Directly Managed Branches, which are loss-making for us, into March before updating our colleagues who work in these branches on any potential next steps."

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Newcastle's Deadgood furniture firm seals investment to drive global growth mission

2025-05-05 08:31:46

A Newcastle furniture company which has created interiors for the likes of Baltic, Tyneside Cinema, Google and KPMG has sealed investment to aid its mission to become a globally recognised brand. Deadgood is the brainchild of university friends Dan Ziglam and Elliot Brook, who came up with their plan in a pub more than 20 years ago, as graduates with no formal business training. Since formally establishing in 2004 with a vision to develop the best British furniture brand, the Ouseburn-based company – which also has a base in London – has become one of the go-to brands in the commercial interiors market, with its team of skilled craftspeople working with blue chip clients to create high quality lighting, furniture and interior products. The firm works with regional, national and international customers and over the years the client base has included the likes of Starbucks, Marks & Spencer, BBC, Google, Amazon, You Tube, Telefonica, Imperial Tobacco, KPMG, EY and BMW. In the North East, the firm has completed projects including a complete furniture and lighting fit out of Baltic Kitchen, and special cinema seating - the Tyneside Lounger - for the Tyneside Cinema. Now Deadgood has secured a loan investment through Creative UK’s Culture and Creative Investment Programme (CCIP). Delivered in partnership with the North East Combined Authority, the CCIP offers investment and support to creative businesses and freelancers across the region. The firm said it will use the undisclosed investment to support targeted marketing, including the launch of new products at trade shows and creating 3D models for customers. It will also scale operations and meet growing demand for the rug and furniture brands. It said funds will also drive product innovation, through new collections and customisable options. It is also harnessing AI to automate bespoke rug designs, supported by an Innovate UK Creative Catalyst grant, to differentiate itself from competitors. Founder and director Elliot Brook said the firm’s vision was to create more opportunities for young and emerging designers, while supporting local communities and sustainable business practices that have a positive impact. Mr Brook said: “At Deadgood, our vision is to continue building an internationally recognised design brand, known for championing bold British creativity and rooted in collaboration and purpose. We are delighted that Creative UK is on board for the next stage of our evolution as we continue challenging the perception of what a commercial furniture brand should look like, all the while developing simple products for modern interiors.” Carol Bell, regional associate director for the North at Creative UK, said: “It’s inspiring to support Deadgood, a company that has operated in the region for a number of years. This next phase of their development is particularly exciting, as they explore the adoption of AI integration in their work. They are paving the way for more traditional CIs to become early adopters of technology, enhancing the quality of their business.”

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Barkley Plastics celebrates landmark birthday with new contract win

2025-04-23 04:53:05

A manufacturer is marking its 60th birthday celebrations with a string of new contract wins. Birmingham-based Barkley Plastics specialises in plastic injection moulding and toolmaking and has won work to produce controller parts and ambient lighting for a luxury high-end shower manufacturer. It has also secured new tenders for car charger components for Fast Amps and environmentally friendly plumbing fittings for Ecoclip. These latest wins have helped it bounce back from what it called "a difficult two years", saying it was now on course to turn over more than £4 million. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Expansion plans have been boosted by the £100,000 modernisation and streamlining of its facility in Birmingham's Highgate district to increase automation and the installation of a new quality control room housing measurement machines. Securing these new contracts coincides with the firm celebrating six decades in business this month. Among the firm's more interesting projects over the years have been the 1970s 'Homepride Flour Men', the Big Yellow Teapot for bluebird toys and making 20,000 plastic baubles for the world's largest chandelier, first used at the Winter Olympics in Sochi. Six staff among its 53-strong team have been with the company for more than 30 years. Matt Harwood, who took over as managing director from his father Mark in 2022, said: "Since Covid-19, there has been a lot of supply chain disruption and the automotive sector has been extremely volatile in terms of volumes. "Like before in our 60-year history, we've chosen to face these challenges head-on and are now in a position to target a significant amount of reshoring work that directly suits our technical plastic moulding expertise and the fact we have our own onsite toolroom. "It's a great achievement to last six decades in manufacturing and we've seen some interesting times.

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Serco reports 10% jump in operating profit despite £115m charge

2025-05-14 17:07:37

Serco, the global provider of public services, has reported a revenue of £4.8bn for 2024, in line with previous guidance, due to significant organic growth, particularly in its North American Defence business. The company's underlying operating profit grew by 10 per cent to £274m, with a substantial 30 per cent increase in the second half compared to 2023, as reported by City AM. Operating profit margins improved by 60 basis points to 5.7 per cent, reflecting efficiency gains across all regions. However, reported operating profit fell to £130m due to an exceptional £115m non-cash goodwill impairment charge in Asia Pacific. The group's order intake increased by seven per cent to £4.9bn, bringing the order book to £13.3bn, including a key contract for the UK Armed Forces Recruitment Service. Entering 2025, Serco boasts a record pipeline of potential new work worth £11.2bn, up 11 per cent from the previous year. Free cash flow was reported at £228m, significantly ahead of the £170m guidance. Net leverage was around 0.3 times earnings before interest, tax, depreciation and amortisation (EBITDA), or 1.2 times when including the planned acquisition of MT&S. This acquisition is expected to be completed by mid-2025 and would expand Serco's North American business revenue to $2bn (£1.58bn). The deal is also set to bolster Serco's international defence operations, with the group's total defence revenue potentially reaching £2bn upon completion. In 2024, Serco announced a £140m share buyback, taking total buybacks since 2021 to £340m. The board recommended a final dividend of 2.82p per share, marking a 24 per cent increase year on year. Serco Group's Chief Executive, Mark Irwin, commented: "Our 2024 results reflected another year of strong operational and financial delivery across the group. We accelerated trading momentum through the second half of the year, which allowed us to achieve full year revenue in line with guidance, underlying operating profit up 10 per cent, a 60 basis point increase in margins and deliver significantly more free cash flow than initially expected." He added: "We had excellent order intake of £4.9bn resulting in a robust £13bn order book, and we ended the year with a strong pipeline of qualified new business opportunities exceeding £11bn to underpin future growth." Irwin further stated: "Our strong balance sheet enabled delivery against all our capital allocation priorities by investing in organic business development, increasing our dividend by 22 per cent and completing the planned share buyback of £140m; and, as announced in January, we agreed the strategically important and financially compelling acquisition of MT&S from Northrop Grumman, which we expected to complete in mid-2025." He concluded: "MT&S would transform our capabilities in the critical areas of technology-enabled military training and satellite ground network software services. The combination of Serco and MT&S further enhanced the growth potential of our US platform and our international defence business." "In a global environment of continuous change and increasing complexity, Serco's purpose to impact a better future by enabling more efficiency and greater agility in the delivery of critical services for governments had never been more relevant."

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Keir Starmer's three per cent defence pledge will require 'tough choices' on tax

2025-05-08 00:50:05

Keir Starmer's pledge to raise the defence budget to three per cent of GDP in the next parliament will necessitate tough tax and spending decisions, analysts have cautioned. The Prime Minister confirmed an increase in defence spending to 2.5 per cent of GDP by 2027, up from the current 2.3 per cent, with further cuts to foreign aid funding this rise, as reported by City AM. Additionally, Starmer has expressed a "clear ambition" to boost defence spending to three per cent of GDP by 2034. Ben Zaranko, associate director at the Institute for Fiscal Studies (IFS), remarked that "cuts to aid won't be enough" to achieve the target of three per cent for defence. "Getting towards three per cent of GDP will eventually mean more tough choices and sacrifices elsewhere – whether higher taxes, or cuts to other bits of government," he stated. Ruth Gregory, deputy chief UK economist at Capital Economics, noted that the government was already close to breaching its fiscal rules, limiting its flexibility. She mentioned that unless the Chancellor amends the rules, the government would need to either increase taxes or reduce spending by 0.5 per cent of GDP, which is approximately £20bn. Reportedly, another option being considered is the establishment of a European rearmament bank, which would fund increased defence spending by borrowing against capital from participating governments, thus avoiding immediate impacts on national balance sheets. At a G20 finance ministers meeting in South Africa, the Treasury confirmed that Chancellor Reeves will discuss how private finance can be utilised to boost defence spending. "National security will always be the first responsibility of this government and is the bedrock economic growth," she is set to declare. However, analysts concur that the government may find it challenging to sustainably increase defence spending through higher borrowing. Gregory highlighted that unlike infrastructure investment, defence spending does not enhance the economy's productive capacity, hence markets might be hesitant to lend. "Any increase in borrowing to fund higher defence spending could add to concerns about debt sustainability, leading to a rise in gilt yields," she stated.

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Bristol Chamber and Initiative appoints new president

2025-04-25 21:38:11

The Bristol Chamber and Initiative has appointed a new president. The business support group has selected Ed Rowberry, the chief executive of investment organisation Bristol and Bath Regional Capital (BBRC), for the role. Mr Rowberry has been instrumental in securing more than £70m investment for the West of England as head of the BBRC and has said he is "committed to driving good growth". He will hold his first address at the Bristol Initiative’s West of England Metro Mayor Hustings, which takes place next month. The Bristol Initiative, Business West’s leadership tier of membership, comprises more than 140 business leaders working together to influence the way the region is shaped, managed and developed. The group works on issues such as sustainable and inclusive growth, improving transport and mobility, improving education and skills, and tackling deprivation. Mr Rowberry, who originally trained as a chartered accountant at KPMG, has more than 25 years of experience in the commercial property, financial services and affordable housing sectors. He founded BBRC a decade ago. He said: “I’m incredibly honoured to be selected as president of Bristol Chamber and Initiative. In an increasingly polarised world, business can be a real force for good. "With its diverse network of leading businesses and organisations from across Bristol and the wider region, the Initiative brings a powerful voice to key policy issues and collective strength to lead inclusive, responsible and sustainable economic growth that ensures both business and communities prosper. “As president, I look forward to playing my part in championing our city region and ensuring our businesses have what they need to thrive and trade.” Victoria Matthews, Bristol director, said that Mr Rowberry would ensure the region's "voice is heard". "Our members are operating in particularly challenging times," she said. "We know that many want to take on new staff, invest and improve our region. Yet, they face numerous hurdles, including the broader economic climate and local issues such as poor transport connectivity and a lack of affordable housing for staff."

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Go ahead for new £1.25bn electric arc furnace at Port Talbot

2025-04-23 01:46:06

Plans for a new electric arc furnace at Tata Steel's Port Talbot site have been approved by Neath Port Talbot Council. Once operational the electric arc furnace will make steel from scrap. The £1.25bn investment by the Indian-owned steel business includes a £500m contribution from the UK Government. The approval gives the green light for Tata Steel to begin demolition of a number of existing buildings and structures at the steelworks site, along with the work the electric arc which will be one of the biggest of its kind in the world The decision comes just months after the closure of the site's two blast furnaces in September, 2024, with nearly 2,000 job losses at Port Talbot. It follows the announcement that UK construction and civil engineering company Sir Robert McAlpine would be responsible for managing the main civil, structural and building works for the development, with Italian firm Tenova building the new furnace. Once operational the electric arc furnace will be able to produce around 3.2 million tonnes of steel each year.. Speaking at the meeting of the council's planning committee, councillor Wyndham Griffiths of Bryncoch North, said the project was important as it would keep steel making in Port Talbot for a long time to come. Councillor Rob Jones, who is the Labour Group leader for Neath Port Talbot, added: "We do know it's come at a cost but it's the future and unless we embrace the future and move forward we will stand still, and that in all honesty is not a position that this town and this community can afford to do." Rajesh Nair, chief executive of Tata Steel UK said: "This £1.25bninvestment would be the most significant investment made in the UK steel industry in decades. It will secure high quality steel production, preserve thousands of jobs and safe-guard steel making in Port Talbot for generations to come. "Additionally, the move towards green steel making will have significant environmental benefits. This includes a reduction in direct on-site Co2 emissions of up to 90%, equivalent of 5 million tonnes." He also noted that orders had already been placed for steel produced by Port Talbot's electric arc furnace with low Co2 steel now being sought after by customers around the world. Welsh Secretary Jo Stevens said:“This decision is a significant step forward, providing more certainty over Tata’s plans for the site and for the future of steelmaking in South Wales. “As part of our improved deal with Tata Steel, we have provided £500m to support the company’s transition to greener steelmaking. “This is backed by a further £80m which we are investing directly into the community to support individual steelworkers and their families, businesses in the supply chain and on the regeneration of Port Talbot as we drive future economic growth in the area.

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SMEs could win more public sector contracts under new AI-powered procurement pilot in Greater Manchester

2025-05-01 19:56:50

SMEs could win more contracts with local councils under an AI-powered procurement scheme being launched this morning. STAR Procurement – an organisation that looks after the procurement needs of four councils in Greater Manchester and another two from Merseyside – has begun a pilot scheme to help smaller firms and voluntary and community sector organisations (VCSOs) to win public sector contracts. It follows a campaign from the Federation of Small Businesses (FSB) to launch a procurement scheme in Greater Manchester to “ensure businesses are at the front of the queue to deliver goods and services needed by their own local authority”. The pilot will include Stockport, Tameside, Trafford and Rochdale councils – who together make up STAR – but the FSB hopes that if successful it will be extended across the city region. The FSB says smaller firms tend to see council procurement as “overly complicated, time consuming, and out of reach”. The pilot aims to make the process easier by using “an AI powered digital platform” to connect SMEs with lower value council contracts. It will focus at first on contracts of over £50,000 but will be reviewed as the pilot goes on and could go up to contracts worth as much as £213,000. Robert Downes, development manager for the FSB in Greater Manchester, said: “This is an exciting opportunity for businesses and councils in GM alike – and it’s something FSB has been campaigning for here in GM for a number of years. It’s great news for businesses based here as we begin the new year. “For smaller businesses and VCSOs who have traditionally seen public sector procurement as beyond their reach and aimed at large organisations, this will help open-up contracts that at the moment aren’t even officially advertised anywhere. This means many new contracts will be up for grabs for the first time with the clear aim to award to local businesses. These will be new opportunities for the smallest firms to deliver public sector contracts, minus the quite onerous processes that more expensive town hall contracts incur during the established procurement process. “For councils, it means they could and should be getting better value for taxpayers’ money by opening up contracts to many more business, and spending locally which we know helps create wealth in our communities. It’s a real win-win for the public and private sectors particularly at a time when budgets in all sectors are under pressure.” Metro Mayor, Andy Burnham added: “Helping more small businesses compete for, and win public contracts is key to building a more inclusive economy in Greater Manchester. By keeping spending local, we can ensure the benefits are felt by our people and communities.” Lorraine Cox, director at STAR Procurement, has been leading on the pilot and said she hoped it would strengthen relationships between the public sector and SMEs. She added: “This pilot will test a proof of concept, and contracts will therefore release in small phases to allow STAR to assess processes and impact. We anticipate success and therefore intend to widen the scope in the future.” Janine Smith, director of GM Business Growth Hub, said: “Understanding and winning public contracts can be game-changing for smaller businesses as they provide a steady source of income, allowing businesses to build upon a solid foundation. This much welcome support will only help create more resilient businesses across our city region.”

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Moonpig founder and former Dragons' Den star opens new Wiltshire business school

2025-05-12 20:41:39

A new multimillion-pound business school in Wiltshire has officially opened. Former Dragons' Den star Nick Jenkins took part in the ribbon-cutting ceremony to mark the launch of Wiltshire College and University Centre’s new Wiltshire Business School. The Moonpig founder said school, at the college's Lackham campus near Chippenham, would be an "asset" to the county and "great for local businesses". “I'm very impressed with the facilities here and I think it's fantastic that it is in Wiltshire,” said Mr Jenkins. “I want to be employing people who have had the kind of training on offer here.” Wiltshire Business School is based in the Georgian Grade II listed building Lackham House, which is part of a £2.2m development at the college’s Lackham campus. As well as traditional classrooms, the school has meeting rooms fitted with wireless digital screens; laptop docking stations; video conferencing equipment; breakout areas with collaborative desk set-ups; and work pods resembling co-working spaces. There is also an oak-panelled boardroom in what was once the house’s billiard room. Principal and chief executive Iain Hatt said Wiltshire Business School would teach commercial skills in a setting that "looks and feels like 21st century offices". “We’ve created high-quality training facilities that reflect businesses today, so students can learn in a modern business environment,” he said. “We will deliver the core curriculum requirements to our students in terms of the technical skills they need but alongside that we’ll develop the habits and behaviours that will prepare them for work.” Mr Hatt said the business school was built in response to the introduction of T Levels, a new qualification designed with employers that combines learning at the college with up to 315 hours of real-world experience in industry. He added that it would also help address the digital skills gap identified in the Swindon and Wiltshire Local Skills Plan. At present students are studying T Level Business: Management and Administration at the business school but Mr Hatt expects the number of students to grow over the next two years as other courses are introduced. “We’ve had excellent feedback from the employers who’ve been in to see it and the students love it,” he said. “Since 1946 when it opened its doors as the Wiltshire Farm Institute, Lackham has always been at the cutting edge of education and with Wiltshire Business School we are future proofing our teaching for the next generation.” The college is planning to open up the school to businesses for part-time courses, including HR, accountancy and leadership.

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Unilever CEO Hein Schumacher quits after less than two years in role

2025-04-26 13:10:00

Unilever's CEO Hein Schumacher has unexpectedly stepped down from his position after less than two years, as the firm seeks to advance its cost-cutting agenda. The company announced that Schumacher will be replaced by Unilever's finance chief Fernando Fernandez starting next week and will exit the company at the end of May, as reported by City AM. This development comes in the midst of Unilever's extensive "productivity programme," which involves cutting thousands of jobs and spinning off its ice cream division, including the Ben & Jerry's unit. Following a "full review" of separation options, the ice cream business will be incorporated in the Netherlands and maintain its headquarters in Amsterdam, while also having a triple listing in New York, London, and Amsterdam. No specifics were provided about the abrupt departure, but according to the Financial Times, Unilever's board reportedly dismissed Schumacher at a board meeting yesterday, deciding that CFO Fernandez was "better suited" to implement the turnaround plan. Matt Britzman, senior equity analyst at Hargreaves Lansdown, commented on the sudden leadership change: "Markets typically flinch at abrupt leadership shifts but his deep experience, and a clear mandate to push change with urgency, signal a bold move to accelerate the final stretch of Unilever's turnaround," UBS analysts noted that Fernandez is " well known" within the investor community. While Schumacher may have laid the groundwork for the cost-cutting plan, the execution of the plan is becoming increasingly crucial. Shares in Unilever fell by two per cent following the news and have seen a decline of over four per cent since the beginning of the year. Chris Beckett, head of equity research at Quilter Cheviot, commented on the situation: "Losing a chief executive after 18 months is never a good thing," he added, "For Unilever, especially during a strategy turnaround, it does not suggest things were going well behind the scenes or the business was firing on all cylinders." In its full-year results released earlier this month, Unilever reported what analysts described as "exceptionally weak" guidance. Market growth, which decelerated throughout 2024, is predicted to remain sluggish in the first half of this year, with underlying sales growth estimated at between three to five per cent.

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Sacked boss of Welsh language channel S4C Sian Doyle files claim against former employer

2025-04-26 04:04:41

Sacked chief executive of Welsh language Chanel S4C, Sian Doyle, has filed a claim against her former employer at the High Court, it has been reported. It comes after the S4C authority - its governing body - sacked her in 2023. Ms Doyle was two senior female leaders sacked by former chairman Rhodri Williams during a period of huge controversy for the channel. Mr Williams, who had faced a complaint of bullying against him which was upheld, ultimately left the channel after committees of Senedd Members and MPs both raised questions about his leadership. Ms Doyle, who had been pilloried by the broadcaster in a public statement following her sacking after it released a report into bullying commissioned by the then chairman, was on sick leave when she was sacked. She said she was fired without being given the change to respond to the allegations. The report from Cardiff law firm Capital Law commissioned by Mr Williams came after reports from broadcasting union Bectu who claimed there was a "bullying and a toxic culture" at the channel with allegations of a "culture of fear" with "staff regularly being brought to tears" and "too scared to share their experiences". Days after the report was published Mrs Doyle was rushed to hospital after an overdose. At the time, her husband Rob described the report as the "last straw" and "an assassination of her character" which led to his wife being "torn apart in the media after an exceptional 30-year international career because of a one-sided report". He added: "Sian was so proud to have been asked to come out of retirement to lead an organisation that, as a young girl, she campaigned to set up. But that pride turned into frustration, and then to disappointment, fear, and finally despair." Now, it is reported she has a filed a personal injury claim. In a statement to BBC-produced Newyddion S4C, her lawyers said Ms Doyle had been subjected to a "truly extraordinary and inappropriate period of mistreatment" which "has seriously damaged her health and wellbeing". She has until February 21 to provide details of her alleged injury, as well as the compensation she is claiming. Her lawyer, Paul Daniels, told the BBC they had no choice but to take action due to S4C and Rhodri Williams' "prolonged" failure to accept their mediation offer and the unacceptable delays in responding to the claim letters. According to Mr Daniels, the claims are for negligence [breach of the duty of care owed to our client], unlawful harassment, misfeasance in public office, breach of privacy rights, breach of confidence, and data protection breaches. He added: "No-one should be treated in this way, whether a senior or a junior employee, by an organisation and a chairman that is legally required to act lawfully, fairly and in accordance with the Nolan Principles governing the conduct of public office." In a written statement, her husband said: "I am deeply saddened by the traumatic impact that S4C and the former chairman's treatment has had on Sian and my family. The distress and emotional harm she has suffered is devastating and is affecting every aspect of her wellbeing. "This ongoing mistreatment has caused lasting harm and we are committed to obtaining full justice and accountability under UK law and the Nolan principles."

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Channel 4 big rise in ring-fenced funding to back progamme making in the devolved nation

2025-05-17 15:46:09

Channel 4 is increasing its ring-fenced content spending with independent production companies in the Celtic nations to £35m. The improved funding commitment forms part of the channel’s nations and English regions strategy announced in October last year. It aims to increase its commitment to indies in Wales, Scotland and Northern Ireland from 9% of its current main channel content spend and hours to 12% by 2028. It is part of its new 10-year licence and two years ahead of the channel’s 2030 quota requirement set by regulator Ofcom. In the run up to 2028, the Channel 4 will commit to spending £10m in 2026 and £25m in 2027 with indies outside of England. There will not be guaranteed spending levels in each of the devolved nations, As a competitive process this could see Welsh indies securing a higher, or lower, spending allocation when measured against the Welsh population share (around 30%) of the Celtic nations. Independents in Wales will also be free to bid, as they are currently, for other commissions from the channel’s main budget. The channel has also assembled a seven strong team of genre specific commissioning leads in Wales that will support indies in seeking to win commissions, including for drama, comedy and reality and entertainments The strategy will delivered by Jo Street, the channel’s head of lifestyle and director of Commissioning, nations and regions. While focused on maximising the creative potential of indies outside of London, Channel 4 said it had to continue to operate within its means and in a sustainable way. Ms Street said: “We’re determined to increase our commissions from producers in Northern Ireland, Wales and Scotland and this strategy will help deliver on that commitment. “Great ideas surface when there are trusting and creative relationships between suppliers and commissioners. This plan aims to stimulate and encourage those conditions across the UK. By strengthening the relationship and understanding between our commissioning leads and production companies in the nations, we’ll give producers a better insight into the priorities for each genre, a sharper focus on what really cuts through for us and ultimately a better chance to get their ideas commissioned.” Starting this year, each nation will be allotted an extra £100,000 of development funding. Channel 4 said this will enable indies to fully explore and develop potential programme ideas above and beyond any existing development budgets. Chair of TAC, the representative body for independent production companies in Wales, Llyr Morus, said: “We have been keen to see additional spend by Channel 4 in the UK devolved nations, which is why we pushed for greater spending commitments during last year’s licence renewal process.

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East Yorkshire tour company creates Star Bus for global superstar Teddy Swims

2025-05-07 23:05:50

An East Yorkshire company which provides luxury travel for some of the world’s leading music artists has designed a unique tour bus for a music star. MM Band Services, based in Holderness, specialises in sleeper band and tour bus services for the entertainment industry, having provided transport for international artists and their crews, including the likes of Beyoncé, the Foo Fighters, Mumford & Sons and Kasabian. Now the company has designed and built a £650,000 double decker ‘Star Bus’ for US singer-songwriter Teddy Swims, tailored to the Bad Dreams singer's requirements for his current UK and European tour. The bus has an en-suite bedroom for the star, downstairs toilet, kitchen facilities with a sink and fridge, desk and office space, lounge area and comfortable, as well as quilted sleeping bunks with gel-cooled mattresses for up to 10 people. Designed and created by the MM Band Services team over 18 months, it also includes an entertainment system with widescreen HD TVs, surround sound systems, games consoles, Starlink high speed internet and Alexa. It is believed to be the only one of its kind to run on Hydrotreated Vegetable Oil (HVO) fuel, an alternative to diesel which reduces fuel emissions by 90%. Reusable water bottles and coffee cups, bean-to-cup coffee machines and green cleaning products add to its environmentally-friendly credentials. The Star Bus is also set to be used by singer-songwriter Neil Young, who will headline Glastonbury Festival’s Pyramid Stage in June, American rock band Linkin Park, and singer, songwriter, rapper and record producer Akon. As well as the Star Bus, Teddy has five MM Band Services sleeper buses to transport his crew on the tour. Driver Karl Nolan is the first to get behind the wheel of the Star Bus to take Teddy on his current tour, which calls in to London and Dublin before the UK leg finishes in Manchester on March 16. Teddy will then fly to South America to begin the US leg. He said: “It’s always nice to get a new bus and be the first to take it out. Teddy is a really nice person, and I’m looking forward to spending five weeks with him. Teddy, and other artists in years to come, get back on the bus after the show, and we either take him to the hotel or to the next gig, driving through the night. We then head to the venue before we clean, tidy and polish everything every day. We treat it like a luxury hotel room, and also check all of the routes and parking. The Star Bus will be great for artists in the future too.” MM Band Services, which also has offices in London, marks 25 years in business this year having grown to offer a fleet of 21 double decker tour buses, with its drivers covering millions of miles every year, across the UK and overseas, driving for major music industry artists, comedians, drag shows, podcast creators, pantomime casts and golf tours. Mike Moulds, founder and managing director, whose first bus purchase was a vehicle designed for rock band Status Quo 25 years ago, said: “Teddy is the first artist to book the Star Bus and this is the fifth time we’ve supported him on his tours. He has been consulted about the design every step of the way, and it will benefit him and many other prestigious artists in the future. “This is a significant investment for us as a business, and we’re responding to what Teddy has asked for. It’s important for us to be as green as we can be. It’s not just our ethos, it’s how we operate. The Star Bus will be in high demand, and we envisage it will be fully booked all the time.

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Hudson Foundation cements future for construction apprentices

2025-05-11 19:12:40

Family firm Hudson Contract is increasing its support for young people in East Yorkshire to help them build skills and lay the foundations for their future. The Bridlington-based company is a leading provider of business services to the construction industry with a client base of 2,600 SMEs. Directors David Jackson and Ian Anfield both started their careers as apprentices. Now the firm’s Foundation has announced it is increasing the number of apprenticeships it sponsors and the funding available, helping to bridge the gap in an area where there is a shortage of smaller construction firms able to take on apprentices. From January, the Hudson Foundation has expanded its support from 30 to 40 apprenticeships per year, while raising annual sponsorship amount from £2,600 to £3,000 per apprentice, to help cover the increase in the National Minimum Wage and time spent learning at college. The move comes as latest Government figures show national construction apprenticeship starts fell by 1.2% cent year on year, and that drop-out rates have reached 47%, indicating the challenges facing the sector. The enhanced package includes a new £500 completion bonus – £250 for employers and £250 in trade vouchers for apprentices who successfully complete their training and pass their end point assessment. The scheme has already helped 278 young people enter an industry where skilled tradespeople can earn more than £1,000 per week. It was established in 2011 by Hudson Contract, which launched the Hudson Foundation last year to unite efforts to help young people get a solid start in life. David Jackson, founder and chairman of Hudson Contract, said investing in skills is vital at a time when businesses face rising costs: “That’s why we provide a straightforward scheme of financial support, and supply companies with advice on how to navigate the bureaucracy of national apprenticeship schemes. Coastal communities face unique challenges so we are trying to bridge that gap with our scheme.” Hudson Contract also supports other construction businesses by transferring funds from its apprenticeship levy to help cover their training costs.

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Sadiq Khan launches London nightlife taskforce to ask if Amy Lamé should be replaced

2025-05-12 01:26:05

Mayor of London, Sadiq Khan, has initiated a new taskforce to revitalise London's nightlife, with the potential replacement of former Night Czar, Amy Lamé, on the agenda. The independent committee, led by fabric nightclub founder Cameron Leslie, was launched on Tuesday and is tasked with bolstering the capital's nighttime economy, as reported by City AM. Over the next six months, it will provide various recommendations for the future of London's nightlife, including whether a new Night Czar should be appointed to succeed Lamé. During her eight-year tenure, which ended in October 2024, Lamé earned an annual salary of £132,846. Since stepping down, she has embarked on a new venture as the "founding director" of 24hr Cities, a global consultancy. Her term saw a wave of closures across London's nightlife venues, with a report by the Night Time Industries Association (NTIA) revealing that 29% of the capital's clubs permanently closed between June 2020 and June 2024. The taskforce also includes Pxssy Palace founder Nadine Noor, Colour Factory founder Nathanael Williams, and Alice Hoffman Fuller, Corsica Studios head of operations. Industry figures Kate Nicholls, CEO of UK Hospitality, Mike Kill, CEO of the NTIA, and Sophie Brownlee, external affairs manager at Music Venue Trust, are also members. Khan remarked: "London’s nightlife industries are vital to the success of our capital, but, as with other cities across the country, they have faced a huge range of challenges in recent years. The rising cost of living and operational costs, shifts in consumer behaviour, staffing shortages and licensing issues have all been hitting businesses hard." He expressed confidence that the taskforce would contribute their "expertise and unparalleled knowledge" to "inform and develop our collective efforts to support nightlife". Leslie also commented on the initiative, saying: "This group represents some of the best of what London has to offer, across an incredibly broad spectrum. We are all excited about the future of nightlife in our wonderful city, and are also acutely aware of the stark challenges we face." While acknowledging that they "cannot wave a magic wand to make things better", he pledged to "put forward something meaningful by which all stakeholders and individuals who genuinely want to see London’s vibrant nighttime economy thrive and grow can then get behind". The sector has been grappling with various hurdles, from the aftermath of the pandemic to soaring rents, business rates, workforce deficits, licensing complications, and broader commercial strains. Recent data from the NTIA indicates a 32.7 per cent slump in nightclubs nationwide since 2020, with London experiencing a 19.7 per cent drop from March 2020 to November 2024. This translates into the closure of 405 venues, with nightclub numbers dwindling from 1,240 in March 2020 to a mere 835 by November 2024. London experienced the smallest decline, with cities like Manchester and Birmingham witnessing a 33.3% and a 38.5% fall respectively. Taskforce members are set to collaborate with the Met Police, Transport for London (TfL), London Councils, trade unions, the business sector, and supply chain companies. City Hall announced that the panel will receive support from Nightlife Research consultants Vibe Lab, who will engage with Londoners to gather evidence to inform the taskforce’s recommendations.

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10 questions for Sarah Thackray of Beaconhouse Events

2025-05-16 20:43:12

Sarah Thackray is originally from London and moved the North East to study modern languages at Newcastle University. She has spent more than 17 years working on a range of conferences and events across the UK as well as in the Middle East. In 2014 she co-founded Newcastle-based Beaconhouse Events. What was your first job (and how much did it pay)? If you don’t count babysitting, probably waitressing from age 15 for a friend of my mum who had a catering business. I have no memory of what I got paid but at the time I thought it was decent, London hourly rates! What is the best advice or support you’ve been given in business? Believe in your convictions if you’re sure something has potential. Look to collaborate at every corner; you are stronger if you have support and alignment with other like minded people. Don’t get hooked on the opinion of one person who doesn’t think you’re doing the right thing – focus on the 100 others. What are the main changes you’ve seen in your business/sector, and what are the challenges you’re facing? Our industry is fast paced and one that suffered badly in Covid but due to our resilience as event professionals we quickly moved to a new solution and pivoted to deliver everything in a hybrid world. Sustainability and delivering responsible, regenerative events is now one of the key priorities for many in the events world, to ensure we do our part to decrease carbon emissions, as well as adopting more community focused, audience led, purposeful experiences. What would your dream job be? I think I am lucky in my role that I have been able to build a job that I absolutely love and can focus on things that I am passionate about. I am motivated by creating partnerships and building impact through collaboration and purpose driven activities, so perhaps I’d do something in the community or charity sector, making a real, tangible impact in people’s lives. What advice would you give to someone starting out a career in your sector? Get experience wherever you can, make connections and follow up. People are willing to give you experience, advice and we want you to love our industry. So reach out, don’t be afraid. But remember, everyone needs to be prepared to work hard and get their hands dirty in our sector, we’ve all done it – and many of us still do it whatever our level. What makes the North East a good place to do business? It’s just so collaborative, people are really friendly and are mostly open to new ideas, ways of working and project ideas. I am from London originally but the North East definitely has something special, its people. I consider myself an adopted Geordie these days. How important is it for business to play a role in society? This is one of the most important roles business should play in my view. Business has a critical opportunity to enable progress by raising key issues with their stakeholders (clients, suppliers and partners) and we often have the platform and profile to champion key issues, and drive positive change for society. I think ‘doing good’ should be part of legislation for all businesses. Outside of work, what are you really good at? I am a busy and hands on mum, stepmum, partner and volunteer. If I am not playing netball or volunteering at my local junior park run, you’ll find me mainly supporting my children’s sporting activities at the sidelines of football and rugby pitches or at running tracks, usually in my waterproof trousers! Who would play you in a film about your life? No idea! I don’t watch many films. But I do resonate with the chaotic mum from Motherland, Anna Maxwell Martin. So probably her.

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Loyalty reward scheme start-up acquired by global software giant in mega deal

2025-04-27 01:35:59

A Bath tech start-up has been acquired by global software company Enigmatic Smile for an undisclosed eight-figure sum. James Courtney came up with the concept for Lux Rewards after winning a business plan competition at the University of Bath in 2015, then aged 21. His idea was to develop "the air miles of the restaurant world". The business started as a dining rewards app, connecting customers with high-end restaurants, later pivoting to partner with major banks, airlines and employee benefit platforms to offer card-linked rewards. Although Lux Rewards received early backing from the Just Eat Accelerator and local angel investors, the start-up struggled in its early years. At one point in 2019, the business was just two weeks from shutting down entirely. “I had put everything into Lux Rewards,” said Mr Courtney. “In those early days, I was literally walking into restaurants, trying to convince them to join the platform. I even worked with The Clifton Sausage to hand out free samples on the streets of Bath just to get people to download the app.” Despite "relentless efforts", growth remained elusive. One "particularly painful moment" came when Mr Courtney spent £1,000 to put on an exclusive event at a wine bar, offering free wine and tapas in a bid to win over a major Bristol accounting firm. “Only one person turned up,” he recalled. “It was the most embarrassing day of my life.” By early 2020, Mr Courtney had resigned himself to the business failing. A Crowdcube fundraise that year provided crucial funding, but the pandemic hit just as the round closed. With restaurants shut and the business burning more than £25,000 per month, Mr Courtney, with his team on furlough, moved back to his family home in Bristol. It was during this period that Lux Rewards, which was co-founded with Tom Munday and Ash Dey, pivoted away from direct consumer downloads to partnerships with businesses. The turning point came in 2021 when the company signed a major deal with Barclaycard, expanding from 1,000 users to 400,000 overnight. Deals with British Airways and Mastercard followed. “Bath and Bristol have been at the heart of Lux Rewards’ journey,” said Mr Courtney, who is now completing an Executive MBA at the University’s School of Management. “The support from the local investor community, SETsquared, and the University of Bath was crucial in getting us here. This city is an incredible place to build a business, and I’m proud to say we’ve proven that a start-up from Bath can take on the world.”

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JK Lifting to create jobs following six-figure investment at Tyneside base

2025-05-20 05:49:54

Lifting and inspection specialist JK Lifting is creating a number of jobs having invested £150,000 into its Killingworth base. The 42 year-old firm has acquired a new overhead crane capable of lifting 10 tonnes at its premises amid an increase in demand for its services from the manufacturing, renewables and offshore sectors. Now, the 19-strong business plans to recruit five people over the next year, including jobs in its engineering and operations divisions. JK Lifting recently moved into the former Metnor Construction headquarters at Camperdown Industrial Estate and spent £180,000 remodelling it to provide 1,439sqm of space and room for its lifting, testing, inspecting and manufacturing capabilities. The base is in addition to the firm’s 240sqm unit at the Port of Blyth’s South Harbour, which was launched in 2022. James Bright, managing director at JK Lifting, said: “Moving into Lift Point House has been a major turning point for our business, empowering us to expand operations in inspections and compliance for our clients across a number of sectors. The investment we have made in our facilities, particularly our new 10 tonne overhead crane, reflects our continued commitment to strengthening our capabilities, increasing our headcount and growing our roster of clients." Last year the business set out a growth strategy including an ambition to reach £10m turnover by 2030. In September Andrew Mason was appointed operations director at the firm, having spent more than 25 years at energy technology company Baker Hughes in Wallsend. He is working with Mr Bright, who led a buyout of the company in 2019 from founder John Kesson. Among JK Lifting’s 300 customers are Equinor, Helix and PFC Marine. In March last year the firm began working on the world’s largest wind farm, Dogger Bank - helping with movement of operation and maintenance equipment.

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Dragons' Den success for Birmingham brothers behind sauce business Lumberjaxe

2025-05-07 05:01:25

A pair of Birmingham brothers won backing from a fashion entrepreneur last night on hit BBC show Dragons' Den. Brendon Manders and his younger brother Jaydon, from Bartley Green, pitched their seasonings and sauces business Lumberjaxe to a six-strong panel in the famous den. They asked for £90,000 in exchange for a 20 per cent share in the firm before agreeing a deal with Emma Grede. The brothers attended Bartley Green Secondary School and Brendon was previously a mobile barber while Jaydon worked for fast-food chain McDonald's and even won a Bill Gates Award at school for the person most likely to become a millionaire. Now based in Halesowen, they started Lumberjaxe in 2020 in their kitchen with just £200 after being inspired by family gatherings centred around their grandad's brick barbecue. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. The product range takes inspiration from American flavours and is made with natural ingredients. They have secured listings in more than 70 stores, such as garden centres and farm shops, and have reached a turnover of £150,000. On last night's show, the regular panel of Deborah Meaden, Peter Jones, Sara Davies, Steven Bartlett and Touker Sulleyman was joined by guest Dragon Emma Grede, the brains behind clothing brand Skims which she co-founded with US TV personality Kim Kardashian. The Dragons were impressed by the duo's hands-on approach to the business as they both create the recipes and fill their product tins themselves with help from a small team of three support staff. They also praised their energy and attitude, with Touker Suleyman describing Jaydon as "brilliant". "You are one of the brightest 21 year olds to enter this Den," he added. Despite hearing high praise and kind words from five of the panel, only Ms Grede decided to invest, giving the full £90,000 in exchange for the 20 per cent offered by the brothers. They said their focus now was on expanding their portfolio of retail partners to get their product range into major chains while increasing their online presence. Jaydon said: "We started this business with a simple goal, to make cooking fun and accessible to everyone. We couldn't be happier with the outcome (in the Den). "Emma's investment and mentorship are a game-changer for us. Her support and guidance will help us elevate our brand and make our vision a reality. "Our goal has always been to cook up good times while bringing people together through food and now, with her backing, we can make sure this goal reaches even more people." Brendon added: "We've come a long way and are keen to take our business to new heights. The whole experience in the Den was emotional but it confirmed our belief in what we're doing. "We hope our story can inspire others to take the leap and pursue their passions, no matter where they start." Ms Grede said: "Brendon and Jaydon are exactly the type of founders I like to back, self-starters with a super clear vision and a best-in-class product. "The fact they have bought Lumberjaxe this far with so little, aside from ambition and hard graft, tells me everything I need to know.

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North Wales port to create 300 jobs in major expansion

2025-05-13 23:07:13

A North Wales port is to create 300 new jobs with a major expansion to cater for the offshore wind industry. The Port of Mostyn, Flintshire, is pressing ahead with plans to build a new 350-metre quay capable of handling the next generation of super-sized floating offshore wind turbines. The scheme was green-lighted after it was granted a Marine Works Licence by Natural Resources Wales. Thirteen acres of adjoining land will be reclaimed and the port has also announced it has bought the adjoining 45-acre former Warwick International site. The new quay has been designed to enable the world's largest jack-up crane barges to berth and load the turbines. Preparatory work will start in the autumn and the construction phase will create 130 temporary jobs over 21 months. A total of 300 permanent jobs are expected to follow once the next round of windfarm projects gets underway in 2027. With recent expansion and modernisation Mostyn has become one of Europe's most important ports for the offshore renewable energy sector. The first two commercial windfarms in UK waters, North Hoyle off the North Wales coast and Robin Rigg in the Solway Firth, were constructed from the port in 2002. Mostyn is already in negotiations with windfarm developers over the use of the port as a base for future offshore projects. Dredging work will be needed to create new berths and, to accommodate the size of visiting ships, existing berths need deepening. The port's approach channel in the outer Dee estuary will have to be re-dredged as well. Managing director Jim O'Toole said the work was needed because the facility will be catering for the next generation of much larger turbines. "To put it into context, the weight of the first turbines handled at the port in 2002 was 610 tonnes, whereas the next generation will have floating foundations, with the weight of the turbine alone being up to 2,000 tonnes. "This new twin development will secure the future of the port and is a major step forward for the future of the offshore wind industry in Wales." Join the North Wales Live WhatsApp community group where you can get the latest stories delivered straight to your phone As one of the oldest ports in the country, Mostyn has been handling cargoes for four centuries. Depending on the region's heavy industries of the time, coal, iron ore, woodchip and sulphur passed through the port, along with steel, timber and wood pulp. Animal feedstuffs and farm fertilisers were other staples. Deepening of its outer berths has enabled expansion in recent decades. Currently 240 people are employed at the port, servicing three windfarms. The number of jobs are expected to increase as its windfarm support services grow. Mr O'Toole said: "Once the Warwick site is integrated into the port, it will increase the land available for offshore renewable energy projects to 120 acres and its berths to 650 metres. The site has a significant number of large buildings that will be used for the fabrication and assembly of wind turbine structures and the establishment of supporting services in steel fabrication, electrical, hydraulic and coatings. We're also going to be creating a marshalling area where the blades and the large turbine components are laid out." The news was welcomed by Ken Skates, cabinet secretary for transport and North Wales. Saluting Jim O'Toole's leadership, he said the scheme was a "fantastic boost" for the region. Sign up for the North Wales Live newsletter sent twice daily to your inbox "The Port of Mostyn will become a magnet for investment and job creation through this expansion," said the minister. "The roll-out will maximise the opportunity for growth in the renewable energy sector, especially with all the activity around projects in the north. "Ports are driving the national economy and playing their part in our ambition to create jobs and growth. Renewable energy projects, including offshore wind, provide long-term and well paid jobs and many hundreds will be created at the Port of Mostyn." Welsh Secretary Jo Stevens said Wales has an important role to play if Britain is to become a "clean energy superpower". This was echoed by Rebecca Evans, cabinet secretary for economy, energy and planning, who said the port's expansion aligns with the Welsh Government's commitment to create green jobs and growth.

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Profits fall at Drax as it warns lack of certainty is holding back clean power

2025-05-09 02:13:20

Operating profits have fallen at power company Drax despite record levels of renewable energy generation, as the company insists 2024 brought a strong performance. The London Stock Exchange-listed group which operates the UK's largest power station and source of renewables reported that operating profits fell from £908m to £850m last year, though adjusted Ebitda grew from £1bn to £1.06bn. The latter was driven by increased renewable generation and improvements in the group's biomass pellet production business. In the results, Drax CEO Will Gardiner directed some criticism at the Government, saying that investment in generation capacity and infrastructure to deliver clean power and net zero required greater policy certainty. He said: "Absent this certainty, the pace of development is likely to be insufficient to deliver what is required and, in that environment, we believe that the value of proven operational assets should increase as growing demand for power - for electrification of heating, transport, and new markets like data centres - moves ahead of supply." The comments follow Drax's signing of a renewed Contract for Difference agreement with the Government in recent weeks. Under the agreement, Drax will continue to receive public subsidies but at a lower rate. Earlier this month Energy Minister Michael Shanks warned that the use of “unabated biomass” is not a long-term solution for the UK’s energy needs. Drax has said it could invest billions at its Selby plant, and create thousands of jobs, through a bioenergy carbon capture and storage system (BECCS) which could capture 8Mt of carbon per year. Bosses said they continue to evaluate the plans for the site but that, as it set out two years ago, the Government must provide policy support to unlock investment. Elsewhere, Drax said it was focussed on pellet production growth - hoping to achieve adjusted Ebitda of more than £250m in that division by 2027. It highlighted opportunities for its use at the Selby plant and in the sustainable aviation fuel market. Mr Gardiner said: "Drax has delivered a strong operational and financial performance while supporting UK energy security. We produced over 25% more dispatchable renewable power in 2024, keeping the lights on for millions of homes and businesses, while supporting thousands of jobs throughout our supply chain. Signing a heads of terms with the UK Government for a new low-carbon dispatchable Contract for Difference for Drax Power Station is a major milestone for the business and provides the basis on which the site continues to generate electricity for the country, especially when the wind isn't blowing, and the sun isn't shining. "This is an investment in security of supply, which provides a net saving for consumers and helps deliver the Government's Clean Power 2030 goal. It also offers a potential pathway for long-term growth for our business, including options for the development of BECCS and a data centre at Drax Power Station. "We are making good progress with our growth ambitions for flexible generation, pellet production and our international carbon removals business, Elimini. Our strong balance sheet supports returns to shareholders and the development of options for long-term growth, both in the UK and internationally."

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Entrepreneur Ian Watson looks back on 10 years and £1m of grants through family trust

2025-05-12 10:07:51

Luxury care home operator and property entrepreneur Ian Watson has appeared in our business pages many times over the years, often after striking multimillion-pound deals with his business ventures. Yet some of his proudest moments have involved deals of a very different kind - grants made from his family’s charitable trust. Having been fortunate in many aspects of his life, Ian strongly believes that if you have the privilege of wealth and opportunity, you also have greater responsibility to help others. To that end, the Newcastle owner of Hadrian Healthcare and MCM Investments officially registered the Watson Family Charitable Trust in 2015, with his wife and two sons, and friend and lawyer Hugh Welch, senior partner at Muckle LLP, also coming on board as trustees. Now, 10 years on, Muckle LLP has hosted an event to draw together many of the organisations – from across the North East and as far away as Africa – who have received help through the trust. The event, held at the law firm’s Newcastle city centre offices last week, was also double cause for celebration as Ian announced new grants, while also committing more funds into the pot for future donations. Ian initially wasn’t keen on holding a 10-year celebration, worried it would appear too self-indulgent, but other trustees pointed out the benefits such an event could bring. “I said it’s a bit ‘blowing our own trumpets’” he said, “but Hugh said it’s not, it will pull together all the people and all the organisations we’ve been able to help. I gave out further grants on the night too, which takes our giving over the last 10 years to over £1m - and I’ve also committed a further £1m into the Trust, to support more good causes.” The trust’s key drivers have been to help young people to overcome social disadvantage and disability, both within the region and internationally, and to give support to local community projects, with a focus on health, education and deprivation. And over the years there have been many. Since its inception organisations to have received donations include Success4All, St Cuthbert’s Care, World Vision, Parkinson’s UK, The Recruitment Junction, Hadrian School and his own school Whickham School and Sports College. The Watson Family Charitable Trust has had a close relationship with the Percy Hedley Foundation, supporting the school to take part in the annual Christmas carol service and Christmas tree lighting ceremony at St George’s Church in Jesmond, and also making substantial grants to fund a sensory room in 2018, the installation of a roundabout and play area in 2019, and paying for a holiday for children from the school in 2020. At last week’s anniversary event, further grants were made to schools in Kenya and Uganda which were among the first trust recipients, as well as further grants to Success4All and Whickham School. Other recipients included Clean Slate, which helps ex-offenders into employment, and Jessica’s Sarcoma Awareness, which has built a respite holiday home in Northumberland for children undergoing cancer treatment. Among the guests at Muckle LLP last week was Sister Angelina, the “incredible and amazing” nun who Ian and Hugh met almost 10 years ago, after taking on one of the trust’s first and biggest projects to date, which involved work on a school in Uganda. Ian had been introduced to a Northumberland woman whose daughter had carried out voluntary work at a school in Uganda, and the pair were continuing to help the school on her return, through fundraising events. He was shown photos of the school, laying bare just how great it needed financial help, and within two weeks he and Hugh were on a flight to Uganda, to find out how they could help. He recalled: “It’s an amazing place run by volunteers, mainly nuns, and the children have incredibly high needs, but the facilities were nothing short of appalling. There were no toilets except holes in the ground, so infections were rife. There was one tap with water but no washing facilities, no showers, no hot water. "And the staff accommodation was just stables. So, we decided to commit to building a shower block and toilet block for the boys and the girls, separately. We put in running water and solar power so they could have hot running water, and we rebuilt the staff accommodation and installed a playground. That took 12 months and we went back the following year to see the result - the difference was incredible. “We just made it possible by providing the money. The head of the school, Sister Angelina, was the one who really made it possible because she controlled everything and organised everything. “Some years later she was moved by the church to Eldoret in Kenya and she was looking after children, and basically had no facilities yet again. We kept in touch and she told us she had a dream of building a school so children in the poorest communities in Kenya could go to school. “So that’s what we’ve done. We helped her buy the land , the school was built and it opened about two months ago. It will be used by 600 children every week, youngsters who wouldn’t otherwise have any access to education.” The school also allows the children to be properly fed because the trust also bought 10 acres of neighbouring land which is being farmed to produce crops for the school. He said: “That’s so important. I’ll never forget the very first time I went to Africa, to do a project before I set up the Trust in Zimbabwe, to provide some funds to a school. The headteacher said to me, ‘you can’t teach children who are hungry’.” The need for proper nutrition and a safe haven for education has also spurred the trust into helping an organisation closer to home, the West End of Newcastle’s branch of national charity Success4All, which aims to prepare children and young people for a brighter future. “They create hubs where children can go to after school and do homework,” said Ian. “These are kids who can’t do homework at home, they don’t have computers, IT and they don’t have tablets, but they also don’t have the environment to work in. So Success4All is a great organisation.” Ian admits that helping others gives him a lot of satisfaction - and many people won’t even be aware of some of the community projects he’s spearheaded closer to home (the Christmas trees put up outside of businesses in Jesmond, for example, was originally started by Ian in 2023 and now involves the whole community, with Gosforth following suit last year). But he stresses that he “just writes the cheques”. While it’s his family’s name on the paperwork, it’s been the people behind the charities he’s helped who have done all the hard work.. He added: “We uses the evening to celebrate what we’ve been able to achieve with the beneficiaries – that’s a very important part because all we’ve done is given people the funding, they are the ones who’ve used it to go and do great things. It’s all about the people. ”I remember Hugh and I were walking around the school gardens in Uganda at five in the morning and the sun was coming up and we could see everything which had changed and I said to Hugh ‘the richest man in the world hasn’t got what we have right now’. It was amazing to see what we’d done. In relative terms we’d done quite little, aside from writing out cheques, but we’d changed the lives of so many people, staff and children. And that will go on down the generations. It’s there for longevity.

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Bath's oldest charity appoints new chief executive

2025-05-13 02:17:16

Historic Bath charity St John’s Foundation has appointed a new chief executive. Catharine Brown has been serving as the organisation's interim head since last July. Before that she was at the helm of Designability, a national charity creating life-changing products for disabled people. St John’s is one of Britain's oldest charities and works with housing and outreach services to help older adults live independently for longer. It also supports people who have reached a point of crisis in their lives, while also working to create communities where children can grow up happy, healthy, and well-educated. “I am delighted to take on the role of CEO at such a pivotal moment for St John’s,” she said. “This charity has a remarkable history of supporting the community in Bath and the local area, and I look forward to building on that legacy with fresh ideas, renewed energy and a clear vision for the future. "Change brings opportunity, and I am excited to work with our team and partners to ensure St John’s continues to grow, evolve and make a meaningful difference to the people we serve.” Ms Brown started her career in marketing leadership roles at Selfridges and Marks & Spencer before becoming global marketing director at The Economist group. Since transitioning into the charity sector, she has held senior roles in marketing, fundraising and leadership at national charities as well as founding her own consultancy business. Sandy Forbes, chair of St John’s, said, “On behalf of the trustees, I am delighted to welcome Catharine as our CEO. Having recently taken on the role of chair myself, I know how important it is to honour the incredible 850-year legacy of this charity while ensuring we continue to evolve for the future. "Starting our roles at a similar time gives us a fantastic opportunity to work closely together, bringing new energy and a shared commitment to making a lasting impact in our community. I look forward to collaborating with Catharine and the entire team to build on St John’s proud history and ensure we keep making a real difference in our community.”

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Northumberland's Energy Central Campus signs up JDR Cables as key supporter

2025-04-25 13:23:22

A company set to open a major cables factory on the Northumberland coast has signed up to support a nearby skills centre. JDR Cables - which is building a £130m factory at Cambois that is set to create 171 jobs - has agreed to become a gold sponsor for the Energy Central Campus (ECC) at Blyth. The partnership will see JDR work with the campus to help train new workers. JDR already has a presence in the North East and announced plans for its factory at Cambois in 2021. The factory, which is currently under construction, will strengthen the North East’s position as a leading area for the clean energy sector. Martin Lawlor, chair of ECC, said: “I am delighted to welcome JDR Cables as a gold sponsor of ECC. JDR’s knowledge and expertise servicing the global offshore energy industry will play a key role in helping us achieve our mission of developing the clean energy workforce of the future.” James Young, chief strategy and compliance officer at JDR Cable Systems, added: “This partnership aligns perfectly with our commitment to driving innovation in the offshore wind industry and investing in the future talented individuals who are vital to the success of the offshore energy industry. “Our new manufacturing facility in Cambois will not only deliver cutting-edge subsea cable technologies but also create significant local employment opportunities. Through our collaboration with ECC, we hope to inspire and equip the next generation with the skills needed to thrive in the exciting renewable energy sector, helping to strengthen the UK’s position as a global leader in clean energy.” Energy Central Campus is a partnership between the Port of Blyth, Northumberland County Council, and the Offshore Renewable Energy Catapult, which aims to create the pipeline of talent required for the expanding clean energy sector in the North East. It is part of the wider £95m Energising Blyth regeneration project by delivered by the Government, the county council and the North East Combined Authority, which has provided £5.5m in funding for the scheme.

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Gatwick expansion 'rationale not impacted by Heathrow third runway' aviation regulator says

2025-04-28 02:41:08

The Civil Aviation Authority (CAA), the UK's aviation watchdog, has given a nod to Gatwick Airport's bid for a second runway by accepting several financial pledges from the airport for the coming four years. On Tuesday, the CAA voiced its belief that Gatwick's expansion plans will still deliver "benefits to consumers", notwithstanding the potential development of a third runway at Heathrow, as reported by City AM. Gatwick has made commitments including a price cap on charges to its airline customers, and revisions to existing service quality targets aimed at consumers. The fresh commitments include setting the maximum increase in the price cap for the initial two years to the Consumer Price Index (CPI) minus one percent. The CAA highlighted that its backing for Gatwick's newfound targets is "conditional" upon the airport maintaining progress in its pursuit of a £2.2bn capacity enhancement. A conclusive verdict on the project is anticipated from Transport Secretary Heidi Alexander by Thursday. Gatwick hopes to convert its standby runway into standard operational use, which it claims could accommodate up to 76 million passengers annually and broaden access to an array of long-haul destinations. Meanwhile, the Labour government has shown support for various airport projects, all aimed at significantly amplifying capacity. Just last month, Chancellor Rachel Reeves delivered a speech on growth, affirming her backing for not only Heathrow's much-debated and perpetually postponed third runway but also for the less extensive proposals put forth by Gatwick and Luton airports. The government's decision in August to approve London City Airport's plans to significantly raise its annual passenger limit from 6.5m to 9m, despite a local council ruling, has also been a point of contention. Critics, including London Mayor Sir Sadiq Khan, argue that Gatwick's expansion plans undermine the need for a third runway at Heathrow, the UK's largest airport. The Civil Aviation Authority (CAA) stated on Tuesday that it had taken into account the "implications of the recent government announcement in relation to the development of a third runway at Heathrow."

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Rise in corporate insolvencies in England and Wales

2025-05-10 15:07:10

The number of corporate insolvencies in England and Wales has risen ahead off business cost rises in April. Figures for January showed that 1,852 firms became insolvent, up 10.7% on a year earlier and 13.1% on 2023. Compared to December the level was up 6.5% Personal insolvencies decreased by 3.4% in January to 9,706 compared to December, but were up 11.6% on a year earlier. Bethan Evans, Wales chair of R3, the UK’s insolvency and restructuring trade body, said:“The monthly and yearly rise in corporate insolvencies is down to an increase in the number of creditors’ voluntary liquidations and administrations. That would suggest that directors may be choosing to close down their firms after years of challenging trading conditions and ahead of the increase in the National Minimum Wage and Employers’ National Insurance contributions in April, and this has pushed corporate insolvency levels to the highest we’ve seen in January in more than five years. “However, there is some positive news in that the increase in administration numbers, suggests that there are more companies that have the potential to be rescued via a sale out of the administration process. “Creditor pressures and ongoing cost issues are continuing to drive corporate insolvencies. A long period of rising expenses coupled with consumers’ reluctance to spend is continuing to take a toll on businesses, and creditors have now largely abandoned the benign attitude they had in the aftermath of the pandemic as they attempt to manage their own debts. We’ve also seen HMRC return to its pre-pandemic approach of pursuing money it’s owed after years of taking a more supportive stance during and after the Covid era.” Ms Evans, a partner at Menzies, said that while retailers have seen an increase in sales, this has largely been driven by discounts and deals. The construction sector has been affected by the weather, client caution around commissioning projects and ongoing rises in costs. She added: “The hospitality sector has also failed to see the rise in revenues it was hoping for at Christmas, although pubs and bars had a better start to the year than expected after many adapted their offerings to accommodate Dry January. “Looking at the wider economy, the projected cut in growth has had an impact on business confidence and led to many directors and management teams becoming unsure about investment or business growth this year, as well as reducing firms’ willingness to invest in growing their workforces ahead of the increase in National Minimum Wage and Employers’ National Insurance contributions. However, this has also led to the Monetary Policy Committee cutting the base rate of interest, which should improve access to rescue finance.

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UK pub culture at risk as tax hikes and high bills threaten profitability, warns Peel Hunt

2025-05-18 23:16:38

Peel Hunt, the brokerage firm, has issued a warning that British pub culture is under threat due to structural pressures and tax increases. Despite hospitality being the largest contributor to economic growth in November and December, according to government data, tax hikes in the October budget have "halted and reversed a year-long upgrade cycle", says Peel Hunt. The increases to employers' national insurance and the minimum wage are expected to significantly ramp up cost pressures, as reported by City AM. The British Beer and Pub Association (BBPA) has stated that the cumulative impact of the October Budget will result in an additional £650m in costs for the sector. "Consumer demand is there, however, profits are being wiped out with sky high bills and pubs are facing yet more rates and costs come April," said Emma McClarkin, Chief Executive of the BBPA. UKHospitality echoed these sentiments, stating that while the industry's growth is "something the government should be backing", it is instead hindering the sector's potential by imposing such damaging costs on businesses. "Driving growth is rightly the national priority and hospitality can be the vehicle, if the government rethinks its regressive changes to employers' national insurance contributions." Retail and hospitality leaders have been campaigning to reverse or delay the changes to National Insurance Contributions (NICs), though analysts at Peel Hunt believe this is "very unlikely to succeed". However, they noted that the campaign might "make the Chancellor think twice next time." The importance of pubs for social cohesion was highlighted by Sacha Lord, chair of the Night Time Industries Association (NTIA), who warned that the UK could face an epidemic of loneliness due to pub closures. "For thousands of elderly and isolated individuals, their local is a vital source of companionship and community. And I'd argue that every generation needs pub life." Lord also expressed his concerns directly to policymakers: "I told [Rachel Reeves] to act before irreversible damage is done, and urged her to give pubs a fighting chance – not even to thrive, but simply to survive," he stated. The British Pub and Pint Association (BPPA) reported that just under 300 pubs in England and Wales called last orders for the final time in 2024. The sector has been hit hard by tax increases, structural shifts, and reduced disposable income, leading to a change in drinking habits with more people consuming alcohol at home rather than in pubs. According to Peel Hunt, the share of out-of-home alcohol sales dropped to 43.4 per cent in 2024. This figure represents a steady decline over the past two decades and is now approximately 10 per cent lower than its pre-pandemic level in 2019.

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Chancellor urged to grant BP and Shell tax breaks amid Donald Trump's trade war

2025-05-03 08:13:14

Oil giants such as BP and Shell, who operate in the North Sea, should be given significant tax breaks to help protect the UK against Donald Trump’s escalating trade war, Chancellor Rachel Reeves has been advised. The Aberdeen & Grampian Chamber of Commerce is urging the UK government to reduce the 78 per cent tax burden on North Sea oil and gas producers, which also includes billionaire Sir Jim Radcliffe’s Ineos Group, as reported by City AM. The lobby group believes this would be a "key first step towards greater domestic energy security", especially with US President Donald Trump announcing plans to impose import tariffs on Mexico, Canada and China. Trump has also threatened substantial levies on trade with the European Union. The chamber of commerce referenced analysts’ predictions that oil prices could drop if a global trade war impacts demand. The Energy Profits Levy (EPL), a windfall tax imposed on energy production, is in place until 2023. It adds a 38 per cent additional tax rate on oil and gas production, on top of corporation tax at 30 per cent and the 10 per cent supplementary charge. The chamber argues that the tax burden no longer needs to be as high, with "price conditions long having returned to normal levels". The organisation also noted that "UK oil production is now at an all-time low", and gas production is near record lows. Russell Borthwick, the chief executive of Aberdeen & Grampian Chamber of Commerce, has criticised the UK's response to the 2022 global energy crisis, stating: "The UK’s response to a global energy crisis in 2022 ran contrary to all good sense." He added: "Instead of bolstering domestic supply, enabling production from the North Sea and attracting new investment into the North Sea we have become increasingly reliant upon imports." Borthwick also noted that this approach had unsettled the energy sector and its supply chain, undermining confidence at a crucial time for the transition to net zero. He warned: "With the world on the brink of a trade war, we cannot afford to repeat these mistakes." Borthwick pointed out that the UK is already heavily dependent on imported gas from Norway and LNG shipped from the USA to meet our demands. He cautioned: "Any fluctuations in the price of oil and gas could be very damaging in a world where returns on production from the North Sea are already marginal." Borthwick concluded by suggesting that the smart response would be to remove the EPL sooner rather than later – protecting our domestic energy sector and ensuring we’re not putting the UK economy at a significant disadvantage in an increasingly uncertain global context. In related news, last month City AM reported how Shell paid out more than £18.7bn to shareholders in 2024 while cutting spending on renewable energy. The FTSE 100 giant reported a dip in earnings from £23bn in 2023 to £19.1bn in 2024 amid weaker oil prices and lower demand for fossil fuels. Despite a decrease in earnings, Shell announced that it had increased dividends by four per cent in the fourth quarter and unveiled a £2.8bn share buyback scheme, which it anticipates to be completed by its first quarter results for 2025. In the same period, BP revealed plans to cut thousands of jobs across its global workforce as part of cost-cutting measures and efforts to boost its share price.

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Double management buyout at workwear companies Dale Techniche and J & K Ross

2025-04-20 19:49:42

The new owners of two workwear companies that underwent a double management buyout say the businesses are set for growth. Warrington-based distributor J & K Ross and Nelson-based manufacturer Dale Techniche have been acquired from the Ross family by a management team led by Neil Wilcock. The businesses have nearly 50 staff in total and a combined turnover of £10m. The deal was funded by Close Brothers though the value has not been disclosed. J & K Ross was founded by Jean and Ken Ross in 1976 and supplies safety workwear, protective and hi-vis clothing, uniforms and PPE to clients in sectors from utilities and construction to oil and gas, chemicals and petrochemicals. Its Warrington site includes a retail shop alongside its offices, warehousing, embroidery and printing operations. Lancashire's Dale Techniche makes flame-retardant clothing, racewear and flight wear such as pilots’ uniforms, and health and safety workwear. The business was acquired by the Ross family in 2003. J & K Ross and Dale Techniche will continue to trade as standalone businesses. The buyout team alongside Mr Wilcock includes J & K Ross accounts and logistics director, Sharon Sykes, the company’s purchasing manager, Phil Taylor, customer experience manager, Lisa Robinson and communications and IT manager, Phill Moir-Riches, and Donna Emmott, the operations director at Dale Techniche. Neil Wilcock joined J & K Ross as a sales representative more than 30 years ago and has been managing director since 2020, He said: “Both companies are really important names in their respective industries. It’s very much business as usual, and we look forward to serving the needs of our existing customers and new ones, and working with our trusted suppliers, for many more years while maintaining our high standards of service thanks to our dedicated and knowledgeable team. “We have a great management team who understand the businesses well and we have exciting plans to expand, as there are strong growth opportunities for both companies. “At J & K Ross, we will be looking to add to our product portfolio and expand into new sectors, bringing in additional staff to assist with our strategy. Dale Techniche is a sleeping giant and there is great scope to expand its customer base. “The Ross family was keen that the businesses should be able to build on the extensive knowledge base of the senior staff and the wider team so, despite interest from other parties, they were keen to hand over ownership to the management and ensure there would be continuity. Our fantastic and loyal staff are all very happy with the outcome.” A team from law firm Bermans of corporate partners Charlotte Mills and Laura McMorland, with solicitor Nathan Hughes, advised the management team on the double buyout. Charlotte Mills, corporate partner at Bermans, said: “J & K Ross and Dale Techniche are terrific north west businesses with strong foundations and excellent reputations for their commitment to quality and customer service. “The six-strong MBO team has around 140 years’ experience of working in the companies between them, and it was a genuine pleasure to guide them to completion. “They were great to work with and I am confident that the management team will make a huge success of the acquisitions, powered by their enthusiasm and experience. They have an excellent platform for growth and I wish them every success.” Kirsti Pinnell and Helen Mather at law firm Kuits, and Matt Beckley and Lewis Pearson at DJH Corporate Finance, advised the Ross family. Cole Associates provided corporate finance advice to the buyers.

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Alton Towers operator Merlin Entertainments names new full-time chief executive

2025-05-18 12:12:37

Merlin Entertainments, which operates premier attractions like Alton Towers, Legoland, and Madame Tussauds, has announced Fiona Eastwood as its new permanent chief executive. Eastwood took on the position on an interim basis from November 2024 and now officially replaces Scott O’Neil, who departed after a two-year tenure, as reported by City AM. O'Neil succeeded Merlin stalwart Nick Varney, who left in late 2022. In the UK, Dorset-headquartered Merlin also manages Chessington World of Adventures, the London Eye, and Thorpe Park, among others. Globally, Merlin Entertainments runs a portfolio of 140 attractions, drawing over 60 million visitors annually. Ownership of the company rests with Blackstone, a family-owned enterprise linked to the Lego brand, and Canada's most significant pension fund. Eastwood, formerly the group's COO responsible for Gateway Attractions—including Madame Tussauds, the Eye brands, Sea Life, and the resort theme parks—joined the company in 2015 as the global marketing director for gateway attractions. Before Merlin, she held the post of managing director of consumer products at BBC Studios. On her appointment, Eastwood commented: "It’s an honour to be chosen to lead Merlin. It is a truly world class company, with remarkable global reach and impact." She added: "Over the past decade, I have seen first hand what the business is capable of. My task, as CEO, is to lead Merlin to new heights, with a focus on performance, creativity, operational excellence and guest experience. "I am grateful to the board for their support – and look forward to continuing to work with an exceptional management team and our colleagues worldwide to implement the business’s transformational strategy. Together, we will drive growth at scale and help Merlin reach its full potential." For its 2023 financial year, Merlin Entertainments reported a turnover of £2.1bn, marking an eight per cent increase from the previous year, although it faced a pre-tax loss of £214m. Chairman Roland Hernandez remarked, "Fiona has a deep understanding of the business, the strategies required for sustainable growth, and the vision to spearhead our ongoing transformation.

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Sisters acquire Brighouse eatery Brook's promising to continue 35-year success

2025-04-30 11:50:49

Two sisters have realised their dream by acquiring a fine dining restaurant in West Yorkshire. Alice Smith and Lily Brooke Day have teamed up to take on Brook's in the centre of Brighouse, which has been serving the town for more than 35 years. The renowned eatery - which employs 22 and has been named among Britain's best in recent years - offers a range of starters and sharing plates. Ms Smith left a 16-year career in business finance for the venture, having worked for Ultimate Finance and Aldermore Bank. And Ms Brooke Day has worked in hospitality, having previously run a London art gallery. The new owners, who have self funded the move, are said to have no immediate plans to change the restaurant’s modern British food offering which currently includes dishes such as cured sea bass with buttermilk, pickled rhubarb, dill and parsley oil, and Korean fried belly pork with kimchi aioli. Yorkshire-born head-chef Dan Maxwell has been with the restaurant for more than five years and will continue to lead the kitchen team. Meanwhile, Brook's will continue to offer its seasonal a la carte menu, along with weekend brunches, Sunday lunch and a private dining room that can seat 20 people for lunch or dinner. Alice Smith said: “It’s no exaggeration to say that owning a restaurant has been a lifelong dream for both Lily and I and we can’t believe it has now finally happened. When the opportunity became available to purchase Brook’s we knew that we had to seize the moment. It has an excellent reputation locally and across the region and we’ve both enjoyed dining there for many years. "Our immediate focus is very much on continuing the hard work that has been put into the restaurant to date and building on the business model that has made it such a huge success for over 35 years. With us both having ‘Brooke’ as our maiden name you could say it was always fate that we would one day own the restaurant."

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Engineering group IMI latest UK firm to be hit by cyber attack

2025-04-23 16:46:00

Engineering firm IMI says it has been hit by a cyber attack just a week after rival Smiths Group said hackers had gained access to its global systems. The Solihull-based listed company declined to disclose what data had been accessed in the attack but systems in a number of its locations worldwide are understood to have been impacted. It has isolated certain systems while it deals with the hack and is working with external cybersecurity specialists. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. "As soon as IMI became aware of the unauthorised access, the company engaged external cybersecurity experts to investigate and contain the incident," IMI said in a statement. IMI is also taking steps to comply with regulatory obligations, it added. Employees and customers have been informed about the incident but it is understood that the hack was not targeting staff or customer data. IMI has operations in 50 countries, with the majority of its business now spread across the US, Europe and Asia. The firm specialises in fluid and motion control markets, engineering components for process automation, factories and production lines, climate control and for transport and the life sciences sectors. Last week, fellow FTSE 100 firm Smiths Group alerted the stock market to a cyber attack amid a recent spate of IT hacks on UK companies although the two incidents are not believed to be linked. Transport for London suffered a major IT hack which saw about 5,000 customers warned their details may have been accessed. High-end department store Harvey Nichols also revealed last autumn that some customer details may have been exposed when it fell victim to a cyber attack.

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Wood Group shares plummet 31% as Deloitte uncovers 'material weaknesses' in financial review

2025-05-18 03:58:18

Shares in Wood Group have tumbled by 31% this morning following revelations from a Deloitte review that uncovered "material weaknesses and failures" within the company. The firm has acknowledged the need to "significantly" bolster its financial culture, governance, and controls after the review's findings, as reported by City AM. In a trading update, the London-listed engineering behemoth also disclosed intentions to expand its extensive cost-reduction strategy and now anticipates negative free cash flow in 2025. Wood Group had previously initiated a Deloitte-led inquiry in November due to substantial project write-offs, which resulted in a dramatic share price drop of over 50% in a single day. Despite this, on Friday, the company stated it does not foresee the inquiry’s outcomes having a "material impact" on its overall position or future cash-generating capabilities. Nevertheless, it is currently assessing the scale of prior-year adjustments and their effect on adjusted pre-tax earnings. "Following these actions, the business will be on a firmer operational footing, but cash generation has yet to materialise and financial strength needs significant improvement," the company communicated to the markets. Wood Group has also announced an escalation in its cost-saving measures for the coming year, with annual savings now projected to reach around $85m (£67.6m), a considerable increase from the $60m estimated last March. The engineering institution communicated a forecast of negative free cash flow ranging from $150m to $200m in 2025 while planning a one-off disposal of assets valued at around $70m. They anticipate that the full-year pre-tax profit outcomes will be consistent with market conjectures, yet the firm alerted to expectations of diminished underlying EBITDA. Chief Executive Ken Gilmartin expressed disappointment over the financial outcomes amidst ongoing changes: "This is a difficult announcement amid our transformation. While we have made progress, I am disappointed in our financial performance," he commented. Moreover, Gilmartin spoke of adopting forceful measures to capitalise on growth opportunities, particularly in the energy sector: "Consequently, we are taking decisive actions to ensure we can meet the opportunities we have in growing markets, principally energy." He also touched upon the anticipated consequences of an independent review, reassuring about its impact: "While the likely findings from the independent review are expected to have no material impact on the Group’s cash position and future cash generation, it clearly gives us areas to focus on and we are initiating steps now to further improve our financial culture, governance and controls."

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Harry Styles' music companies at risk of being forcibly shut down

2025-05-20 11:44:30

Three businesses owned by pop sensation Harry Styles are in danger of being forcibly closed due to their failure to submit their accounts on time. Erskine Records, HSA Publishing and Pleased As Holdings have all received first gazette notices for compulsory strike off from Companies House, as reported by City AM. If the strike offs proceed, their assets could potentially become Crown property, Harry Styles could face a 15-year director disqualification, and access to their bank accounts could be lost. All three companies failed to file their 2023 accounts with Companies House by the end of 2024. However, the strike off notices could be rescinded if the companies submit their 2023 accounts before the next stage is reached. Erskine Records, one of the businesses at risk, was established by Harry Styles prior to his solo career following One Direction's split. The company, in collaboration with Columbia Records, has released several albums including his self-titled album in 2017, Fine Line in 2019 and Harry's House in 2022. American songwriter Mitch Rowland also released Come June in 2023 through Erskine Records. According to its most recent accounts, Erskine Records had net current assets of £63.2m at the end of 2022, up from £31.7m. HSA Publishing, another company at risk, was founded in 2014 by Harry Styles and Irish accountant Alan McEvoy. McEvoy previously established 1D Media Limited with Niall Horan, Zayn Malik, Liam Payne, Louis Tomlinson and Styles as directors. The most recent accounts reveal that HSA Publishing had net current assets of £16.4m at the end of 2022, an increase from £10.7m. In 2021, Harry Styles established Pleased As Holdings when he launched a beauty brand. The latest accounts show that Pleased As Holdings had net current liabilities of £1.8m at the end of 2022, a decrease from £3m. In other news, a company set up by former world heavyweight boxing champion Tyson Fury to engage in real estate transactions was forcibly closed by Companies House earlier this week. Greenwaybalmoral Ltd, registered near Lancaster and listing Fury as its sole director, failed to file any accounts since its inception. Consequently, Companies House issued a formal notice in December 2024 stating it was about to be removed from the register of businesses. This action followed Greenwaybalmoral Ltd's failure to submit its accounts for the year to 31 January 2024, by the 6 October 2024 deadline. At the beginning of 2025, City AM reported that Manchester United star Marcus Rashford's investment company, MUCS Investments Limited, risked being forcibly shut down. Companies House issued a compulsory strike-off notice to the firm, where Rashford is the sole director.

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SSE reaffirms earnings guidance as adverse weather drives renewables output

2025-05-09 22:16:39

SSE has confirmed its full-year guidance this morning as variable weather conditions have boosted renewable energy production. The company, listed in London, projects adjusted earnings per share in the range of 154p to 163p, while maintaining its operating profit targets, as reported by City AM. A significant increase in output from SSE renewables, by just over 25% year-on-year for the first nine months, was influenced by adverse weather and the addition of new capacity. Furthermore, total gas-fired generation escalated from 10,797 GWh to 12,459 GWh. "We are pleased to report good operational performance during the quarter and, more recently, we were able to provide a swift and effective response to Storm Eowyn, with our teams expertly managing widespread network disruption," stated Barry O’Regan, chief financial officer. "As we look to the opportunities presented by decarbonisation our focus remains on capital discipline, strategic delivery and the efficient operation of our value-creating assets." Shares of SSE have remained relatively stable over the last year, with a slight decline over four percent, and continued to stay steady on Wednesday. John Moore, senior investment manager at RBC Brewin Dolphin, remarked, "SSE has delivered another solid quarter in operational terms, but the share price has fallen nearly one-fifth from its peak in September 2024." He added, "That is a reflection of a general reduction in energy generation pricing and, in turn, assumptions on the returns that can be made on wind assets."

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DVLA turns to senior Welsh Government civil servant for its new chief executive

2025-05-11 07:48:20

A senior Welsh Government civil servant has been appointed the new chief executive of the Driver and Vehicle Licensing Agency (DVLA). Tim Moss, who is currently the Cardiff Bay administration’s chief operating officer and director of corporate services and inspectorates, will take up his new role at the agency, which is headquartered in Swansea, at the end of March. He will take over from interim chief executive Lynette Rose, who took up the role following the departure of previous permanent CEO Julie Lennard who left to take up the position of chief operating officer at the Crown Prosecution Service last November. The DVLA, which employs more than 6,000, is responsible for maintaining accurate records of more than 52 million drivers and 46 million vehicles. In its last audited accounts for 2023-24 it reported collecting and enforcing £7.9bn in vehicle excise duty for the UK Treasury. The new CEO role was advertised with an annual salary of £135,00. Mr Moss said: “I am absolutely delighted to be appointed to the role as CEO for DVLA. “I have enjoyed a number of links with DVLA over the years and seen the great work it has done on digital transformation and customer delivery which touches on the lives of nearly everyone in the UK. I am honoured to be able to join the DVLA team and help the next phase of making the UK’s roads the safest in the world and delivering excellent public services.” Before joining the Welsh Government Mr Moss was chief executive of the Intellectual Property Office. He has extensive experience managing functions including HR, finance and digital data, and has taken responsibility for several independent inspectorates focused on planning decisions and health outcomes. Heidi Alexander, Secretary of State for Transport, said: I’m delighted to confirm Tim Moss as the new CEO of DVLA. He arrives with a wealth of experience from his time at the Welsh Government and I’m looking forward to working with him as he builds on the hard work of DVLA’s previous CEO, Julie Lennard. "I’d also like to extend my thanks to Lynette Rose, who filled the role on an interim basis, and wish her the very best as she returns to her role as director of strategy, policy and communications at the end of March.”

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Hikma Pharmaceuticals' revenue grows nine per cent to £2.47bn as profit booms

2025-05-12 12:33:36

Hikma Pharmaceuticals has announced robust financial results for 2024, with a nine per cent increase in revenue to $3.13bn (£2.47bn) and a 67 per cent surge in operating profit to $612m (£483m). The company's profit attributable to shareholders nearly doubled to $359m (£284m), while earnings per share climbed by 88 per cent, as reported by City AM. The multinational pharmaceutical firm, which develops, manufactures, and markets a wide array of generic, branded, and speciality medicines, attributed much of its growth to its North American division and recent product launches. Hikma maintained its position as the seventh-largest supplier of generic medicines in the US and the third-largest provider of generic injectable products by volume. Its Injectables, Branded, and Generics divisions saw revenue growth of 10 per cent, eight per cent, and 11 per cent respectively. Despite impressive revenue figures, core operating profit only increased by two per cent to $719m (£568m), with the core margin dropping to 22.8 per cent from 24.6 per cent in 2023. While Injectables and Branded experienced core operating profit growth of five per cent and 11 per cent respectively, Generics' core operating profit fell 11 per cent due to higher royalties for Hikma's authorised generic of sodium oxybate. The acquisition of Xellia Pharmaceuticals' US finished dosage form business diversified and enhanced its injectables portfolio. The company expanded its portfolio with 89 new launches, including 12 in the US. Generics surpassed the $1bn (£790m) revenue mark for the first time, as the group saw its market share grow in sodium oxybate and its nasal spray franchise performed robustly. However, core operating profit took a hit due to increased royalties on its authorised generic of sodium oxybate. Cash flow from operating activities amounted to $564m (£446m), marking a seven per cent drop from the previous year due to a rise in trade receivables from strong year-end sales. Hikma's leverage was 1.4 times net debt to core earnings before interest, tax, depreciation, and amortisation (EBITDA) at year-end, while return on invested capital reached 16.9 per cent. The company anticipates another growth year in 2025, projecting revenue growth of four to six per cent and core operating profit between $730m (£577m) and $770m (£608m). Investment in R&D is slated to increase by 20 per cent across all three segments. Riad Mishlawi, CEO of Hikma, commented: "It's been another strong year for Hikma with double digit revenue growth, increased profits and a resilient margin.

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Historic building in Newcastle signs up three tenants after £1.5m transformation

2025-05-09 08:16:33

A specialist North East recruitment company has moved into the former Cafe Royale building after the historic property was given a £1.5m makeover. Lead Candidate is a pharmaceutical and biotech recruiter founded in 2020 by entrepreneur and investor Fiona Cruikshank and CEO Andrew Mears, alongside fellow director Raman Seghal, founder of Ramarketing. The business has seen significant growth, prompting a search for a new home in Newcastle. Now the company has become the third and final tenant to sign up for space within the revamped 8 Nelson Street, bringing the building to full occupancy. The business has taken up the second floor of the Grade II listed property, joining international engineering firm Global Maritime which has moved into the third and fourth floors. Meanwhile, Nisha Katona’s hugely popular street food restaurant Mowgli opens its first North East eatery in the building on March 14, having let the basement, ground and first floors. The lettings mark the completion of a five-year project to breathe new life into 8 Nelson Street, which was home to award-winning Cafe Royale for many years. The award-winning cafe closed its doors suddenly in 2020, two years after it won Best Cafe in the Newcastle Awards 2018. The building was acquired by MCM Group, a property investment and development company owned by Ian Watson, the founder and chairman of luxury care home business Hadrian Healthcare. The group has completely transformed the building, taking inspiration from several cutting-edge tech offices in London to create high specification, contemporary spaces, fitted and furnished for each of the three tenants. Andrew Mears, CEO at Lead Candidate, said the company was excited to be settling into a larger office right in the heart of Newcastle, with more space for collaboration and some great lunch spots on the doorstep. The firm is also recruiting itself, creating a role for a new talent partner. Mr Mears said: “This move is a huge step forward for us and reflects where we are as a business right now. Lead Candidate’s new home is the perfect environment for the team to thrive and continue delivering amazing work for our current and future clients.” Letting agent Knight Frank successfully brokered the deal. Nathan Douglas, senior surveyor at Knight Frank, said: “MCM Group came to Knight Frank with a strong vision and we have worked with them from the initial purchase – shaping the concept and letting strategy, right through to securing them a diverse, secure spread of income and bringing a market-leading restaurant brand to the city. It is testament to the immense character of the building, the strong destination in the heart of the city and the standard of the refurbishment, that we have been able to fully let the building on a good timeline. “8 Nelson Street is market-leading space in a vibrant, thriving, central location near Grey’s Monument and situated opposite the city’s well-loved Grainger Market which is seeing significant investment.” Jas Gill, managing director at MCM Group – property and investments, said: “It’s great to welcome a Newcastle-founded business into the building as they expand their team. We look forward to supporting their continued success.”

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10 questions for Phil Douglas of Curious Arts

2025-05-20 03:57:51

Phil Douglas is the mind behind Curious Arts, a North East based arts and youth charity championing and developing opportunities for artists and participants from the LGBTQIA+ community across the region, as well as offering a global workplace training programme focused on inclusion to organisations including Twitch (Amazon), Sky, and Nexus Tyne & Wear Metro, among others. What was your first job, and what did it pay? I grew up in Teesside and I was a glass collector at the Middlesbrough Empire for £4.10 an hour (they thought I was 18, don’t tell anyone). What is the best advice or support you’ve been given in business? A manager in a previous role once told me “if you fail to plan, you plan to fail” and that has really stuck with me. I like to be in control of my relationship with stress and list making, forward planning and organisation is my way of doing that. What are the main changes that you’ve seen in your business/sector, and what are the challenges you facing? Stagnating funding for arts and culture sectors is a constant issue, but one of the main issues we are facing is an increased awareness of the work that we do, which might sound positive, and it is… but it comes at a cost. With broader awareness of our work, sadly, comes an increase in abuse - hate crimes and negative comments, especially on social media which is increasingly hard to navigate as a small arts charity. We have a responsibility to keep our people (staff, artists and participants) safe. There is a lot of uncertainty for the LGBTQIA+ community in the UK at the moment, for example we are still waiting for a ban on conversion therapy in this county and there has been a significant rise in anti-trans rhetoric which has a direct impact on the community and the work we are producing. As a result it makes creating moments of safety, joy and inclusion increasingly harder to do. What would your dream job be? I know everyone says this but I think I do have it! If I wasn’t leading Curious Arts or I won the lottery tomorrow I would love to be a voluntary consultant for great charitable Trust or foundation (if they happen to be based somewhere sunny and warm, even better!). Outside of that I think I would make a great advisor or assistant to an ethical, successful philanthropist who wants to invest their wealth in amazing, worthwhile life changing causes. What advice would you give to someone starting a career in your sector? Be brave, champion your own abilities and ask for help. Throughout my career I have been surprised and grateful at the amount people who have been prepared to help me on my journey - there will be more than you think. What makes the North East a good place to do business? The North East is a gritty and glorious place with proud people with a history of making things happen, with very little, for themselves and others. That determination and innovative way of thinking makes it an exciting and dynamic place to do business. While we have a lot of challenges as a region, there is so much generosity, kindness and under celebrated talent. How important do you think it is for business to play a role in society? Businesses are made up of people and playing an active role in society keeps businesses anchored, human and real. Businesses ideally reflect the communities that they serve and it is important that they look at their impact beyond pure profit. Investing in making our region a better place to live, work and visit isn’t just a nice fluffy thing to do, it has a direct impact on our ability to develop and attract the best talent for the North East, to make our communities happier and healthier and to collectively thrive, not simply survive. Outside of work what are you really good at? I love bringing people together and I’m definitely the usual organiser of my social circle. I also think I’m a good listener and I’ve been told that I’m good at learning, empathising and supporting people around issues that are important to them. Who would play you in a role about your life? What a great question. I’ve had to have some help coming up with this one but one suggestion was Dan Stevens, which I’m happy with!

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New group CEO of hotels group the Celtic Collection and ICC Wales

2025-05-06 12:51:56

Expanding hotel venture the Celtic Collection and convention centre ICC Wales has a new group chief executive. With more than 25 years of experience in the hospitality industry, Julie Hammond, takes charge of Wales’ largest independent hotel group. She most recently oversaw one of the UK’s largest hotels in Central London, the Cumberland Hotel, and has held a variety of senior leadership positions across several hospitality properties and groups in the UK and Europe. Other previous posts include asset manager for L+R Hotels, whose venues include Chewton Glen, Cliveden House and Fairmont Monte Carlo, and group commercial director for Ralph Trustees, whose hotels include London’s Athenaeum and the Grove in Hertfordshire. She also has prior experience in the Welsh hospitality sector, having managed the voco St David’s Hotel in Cardiff Bay. Chaired by billionaire Sir Terry Matthews the Celtic Collection owns or operates ten hotels from Magor to Milford Haven. Its first hotel venture, the Celtic Manor Resort, is next to the ICC Wales in Newport. The Collection generates annual revenues of more than £100m and employs 1,200 full-time staff (with an annual payroll of £40m). It also manages the Welsh Rugby Union’s Parkgate Hotel next to the Principality Stadium. Ms Hammond said:“I am delighted to take on this opportunity and build on the incredible work that has already been done to establish The Celtic Collection as Wales’ largest independent hotel group and ICC Wales as the UK’s most exciting new convention centre. “The vision and ambition of the owner, Sir Terry Matthews, to continue growing the group was a particular draw for me and I look forward to developing our existing properties and seeking opportunities for further expansion."

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Double deal for historic Black Country manufacturer

2025-04-21 20:08:44

A historic Black Country manufacturer has expanded its presence in the region with a brace of buyout deals. Cradley Heath-based William Hackett, which was founded in 1892 and supplies safety-critical lifting, rigging and chain products, has acquired Forge Lifting Gear in an undisclosed deal. Forge Lifting Gear, based in Halesowen, makes bolts, shackles and forgings alongside prototypes, serving customers in sectors such as energy, construction, mining, agriculture and utilities. William Hackett said acquiring Forge Lifting Gear would bring a more bespoke skill set into the business, with in-house expertise in bending, boring, chamfering, drilling, folding, milling and hot forging. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. In a separate deal, William Hackett has also bought B&S Chains, a specialist in playground equipment also based in Halesowen. Both Forge Lifting Gear and B&S Chains have relocated to the purchaser's facility in Cradley Heath. William Hackett's operations director Ian Kelly said: "Forge Lifting Gear is a great addition to our group. It complements our existing operations, bringing us capabilities that truly enhance our customer offering. "We have worked closely with Forge Lifting Gear for over 20 years and built up a great relationship.

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BP to splash £7.9bn on fossil fuel spending and slash green energy investment

2025-05-02 22:41:48

BP is set to increase its oil and gas expenditure by $10bn (£7.9bn), cut back on renewable energy investments, and sell off $20bn of underperforming assets as part of a significant strategic revamp aimed at enhancing its struggling share price. In a long-awaited and postponed announcement from CEO Murray Auchincloss, the British petrochemical titan informed shareholders on Wednesday that it would no longer adhere to the ambitious transition goals it established five years ago, as reported by City AM. Under Auchincloss's predecessor, BP committed in 2020 to decrease its oil and gas production by 40 per cent while concurrently increasing its renewable target over the subsequent decade. It also vowed to eventually become fully net zero by 2050. However, Wednesday's announcement – made just two weeks after activist investor Elliot Management acquired a £3.8bn stake in the London-listed oil major – signifies a drastic shift from those objectives, aligning the group's energy mix more closely with that of UK competitor Shell. The company has been under increasing pressure from shareholders to strengthen its more profitable oil and gas sectors at the expense of the renewable strategy implemented under Looney. Its share price has significantly trailed those of its main competitors, dropping 14 per cent between 2023 and 2025, while Shell's share price rose 10 per cent during the same period. Auchincloss remarked: "Today we have fundamentally reset BP's strategy. We are reducing and reallocating capital expenditure to our highest-returning business to drive growth, and relentlessly pursuing performance improvements and cost efficiency." In a strategic shift, BP has announced plans to slash its renewable spending by $5bn annually, aiming for a budget of $1.5bn to $2bn. The company also intends to divest $20bn worth of businesses within the next two years, potentially including the lubricants division Castrol, which is currently under strategic review. To strengthen its financial position, BP is embarking on a debt reduction initiative, targeting a decrease in net debt from $23bn to a range of $14bn to $18bn by 2023. "This is a reset BP, with an unwavering focus on growing long-term shareholder value," Auchincloss further stated. Ahead of its capital markets day, BP's share price had been on an upward trajectory. Following a weak full-year results announcement two weeks prior, shares surged by as much as 12 per cent, buoyed by Auchincloss's commitment to a "fundamental reset" alongside the earnings report.

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CTD deal by Topps Tiles sparks competition warning from CMA

2025-05-09 13:26:30

The UK’s competition authority has ruled that the acquisition of former Newcastle firm CTD Tiles could lead to competition issues in four areas of the country. The Competition and Markets Authority (CMA) has issued a warning that Topps Tiles’ acquisition of 30 stores from CTD Tiles could see businesses and shoppers in three parts of Scotland, plus Dorking in Surrey, facing worse deals or service due to the reduction in competition. Topps bought the stores for about £9m in August last year after CTD, which was the second largest specialist tile retailer in the UK behind Topps, fell into administration. That saw 56 shops and more than 250 job losses but the Topps deal saved part of the company. The Competition and Markets Authority (CMA) said it received several complaints after the agreement was confirmed, including concerns over “how the deal impacted businesses and retail customers in specific areas of the country”. Following an initial phase 1 investigation, the CMA found specific competition concerns in Dorking, Edinburgh, Inverness and Aberdeen, where it believes the deal could lead to worse deals and service for customers. Leicestershire-based firm Topps has until February 24 to submit proposals to allay the regulator’s concerns and avoid a potential, more thorough investigation. Joel Bamford, executive director for mergers at the CMA, said: “Having looked at the evidence, we’re concerned Topps Tiles’ purchase of CTD Tiles may reduce competition in Dorking, Edinburgh, Inverness and Aberdeen. This loss of competition could lead to worse deals and service in those areas. “Whether you’re retiling your own home or a business that provides renovation services, the merger could make such projects more expensive. Topps Tiles now has the opportunity to offer solutions to our concerns, otherwise this case will proceed to a more in-depth investigation.” In a statement to the stock market, Topps said in response: “The company will continue to work with the CMA in a constructive and professional manner, as it has done throughout this process. A further announcement will be made in due course.” Topps’ largest shareholder, MS Galleon, said the business had not identified concentration risk properly and faced “significant risk of remedies” from the deal.

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St Pancras owner eyes new services to Italy and Germany as it lures in Eurostar rivals

2025-04-22 19:27:30

St Pancras International is set to become a hub for increased cross-Channel rail traffic as it plans to nearly triple its passenger capacity and introduce new European routes. The move comes as part of a collaboration between London St Pancras High Speed and Eurotunnel, which aims to improve journey times and expand services, as reported by City AM. Getlink CEO Yann Leriche revealed that new destinations could include Germany, Switzerland, and Italy. The announcement follows plans to increase the station's capacity from 1,800 to 5,000 passengers per hour, necessitating a revamp of the existing infrastructure. "Joining forces with Eurotunnel is another exciting step on our journey to realise a future where high-speed rail is the preferred option for travelling to Europe," said Robert Sinclair, chief executive of St Pancras High Speed. He added that as demand for international rail travel grows, both companies have a crucial role in encouraging train operators to expand capacity and launch new destinations. Eurostar's monopoly on the high-speed line connecting London to the south coast is under threat from several companies, including Sir Richard Branson's Virgin Group and start-ups Evolyn and Heuro from Spain and the Netherlands. Getlink's Leriche expressed enthusiasm for the competition, stating: "We are keen to drive forward attractive opportunities for low-carbon mobility with a range of new destinations in Germany, Switzerland and France." He added that their partnership with London St. Pancras Highspeed is crucial for accelerating growth.

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Trainline shares dive as UK government details railway reforms

2025-04-21 17:46:06

Shares in Trainline took a nosedive, plummeting nearly nine per cent on Wednesday, following the government's disclosure of further particulars regarding the extensive railway reforms and their implications for the ticketing industry. Great British Railway (GBR), the semi-autonomous entity set to manage the UK's rail network, is poised to consolidate the offerings of individual train operators into one unified website, as reported by City AM. The Department for Transport (DfT) announced late Tuesday that GBR would have the authority to overhaul the fares and ticketing system without needing consent from the operators. This move is aimed at facilitating "industry-wide modernisation and reform" that will break away from the privatisation era's complexities, where even "minor changes meant securing agreement across multiple train operators with their own commercial interests," according to a DfT document. "This will enable GBR to simplify the ticketing system and make it easy for passengers to find the right fare," the document further states. It also notes that while the legislation's purpose is to allow GBR to deliver these improvements, the Secretary of State will maintain specific oversight concerning the affordability of the railway. As more details surface about the future of Britain's disjointed railway sector, Trainline's stock has suffered, with shares trading down over 20 per cent year-to-date. The stock experienced a nearly seven per cent drop in January alone when the UK government announced its intention to introduce a state-backed competitor to the publicly traded company. Trainline has delivered a full-year profit of £34m in 2024, marking a 60% year-on-year increase, buoyed by thriving sales across Europe. This financial boost has assuaged investor worries amid uncertainties surrounding the future of Trainline's UK operations.

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Labour Minister defends workers' rights bill, asserts benefits for business and employee security

2025-05-13 14:04:32

Labour minister Justin Madders has responded to concerns from employers regarding the government's proposed move to day one rights under the workers' rights bill, dismissing them as "misplaced fear". Speaking to City AM, Madders emphasised that companies understand the value in "giving people more certainty at work" and contended that the proposed workers' rights legislation would help businesses by encouraging them to "treat their workforce well", which is ultimately beneficial for business, as reported by City AM. During his visit to a Richer Sounds outlet in Holborn, the employment minister advocated for the bill: "We think I.T. will be a real step forward in sending the message out that if you treat your staff well, you’ll have better recruitment, better retention, better productivity and overall, a better, successful business." This development follows as the long-anticipated overhaul of workplace law is poised to re-enter the House of Commons. City AM has reported apprehensions among small business owners about potential revisions to unfair dismissal regulations and the likelihood of an uptick in employment tribunals. Critics have aired worries over the effect of higher wage costs on companies and the strain of increased regulation on the broader economy. Addressing these anxieties, Madders reiterated his stance to businesses fearing the changes: "I think there is a lot of misplaced fear about the move to day one rights." "I would say the vast majority of businesses we talk to don’t support the idea that you can be working somewhere for two years and then be sacked arbitrarily, without any good reason, without any legal recourse." He further commented, "I think they recognize that actually giving people more certainty at work is a really important thing. " He acknowledged potential issues, stating, "But there is also, of course, a concern that sometimes people come in and there isn’t a good fit, and sometimes things don’t work out for perfectly legitimate reasons." In response to these concerns, he revealed, "We have listened and we have introduced this concept of the statutory probation period." He concluded by saying, "It’s about getting the balance right between giving people more certainty at work... but also giving businesses the opportunity to work with people who need that little bit more support to stay on in the business." Julie Abraham, chief executive of Richer Sounds, a British home entertainment retailer which saw owner Julian Richer sell 60 per cent of his shares to an employee ownership trust, emphasised the company's commitment to exceeding minimum standards. She stated, "I know we’re better on sickness pay already, and maternity and paternity leave... but it does feel like a very uneven playing field." She expressed her hopes for industry-wide improvement, saying, "What I’d really like to see is other businesses come up to our level, and the more people that come up to our level, we’re then going to have to fight and take it up another level to stay ahead of the game with regards to recruitment." Shadow business secretary Andrew Griffith has highlighted concerns regarding the government's proposed reforms, citing the government’s own impact assessment which indicates that the measures are "expected to cost businesses at least £5bn". He also cautioned about the potential for "devastating job losses."

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ICC wins bid to host historic science conference

2025-05-19 13:33:29

Birmingham has won the bid to host an annual international science conference. The Society of Vertebrate Paleontology's 85th Annual Meeting will bring together 1,200 scientists, students, artists, writers and scholars from across the world at the ICC in the city centre in November. Palaeontologists from University of Birmingham will act as the local hosts. The conference will be made up of symposiums, technical sessions, presentations, exhibitions and films on the history and evolution of vertebrate animals and the discovery, conversation and protection of vertebrate fossils and fossil sites. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Birmingham will become just the second UK and third European city to welcome the event in its 85-year history which has traditionally taken place in North America, with Toronto, Cincinnati and Minneapolis the most recent hosts. The conference is expected to be worth more than £1.5 million to the West Midlands' economy. It was secured by the Birmingham and West Midlands Convention Bureau, which is part of the West Midlands Growth Company, and The ICC working with VisitBritain, MCI USA and University of Birmingham. Steve Knight, senior business tourism manager at the West Midlands Growth Company, said: "It is a great start to 2025 for the West Midlands' business events community to be able to announce another major international conference in our calendar. "We look forward to welcoming 1,200 palaeontologists from around the globe to our region in November and hope attendees enjoy both the ICC Birmingham's fantastic facilities as well as our popular cultural and culinary offer during any downtime. "Winning this event is a result of the Birmingham and West Midlands Convention Bureau's presence at IMEX America in 2023 so we thank VisitBritain for their continued support as we spread the word about our region to event organisers worldwide."

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NIC proposes electricity bill hikes for UK households to boost network investment

2025-05-08 21:09:39

The National Infrastructure Commission (NIC) has urged for increased billing and a revamp of the UK's electricity network regulation to cater to the surging power demand. The current regulatory framework overseen by Ofgem is deemed "too complex" and deters network operators from making the necessary "proactive investments" to enhance capacity, according to the government's independent adviser in its latest report, as reported by City AM. With electricity demand projected to double by 2050 and investment trailing, there have been hold-ups in securing grid connections, impeding the expansion of renewable energy initiatives. "The UK is heading in the right direction on decarbonising power, but we can't be complacent," stated Sir John Armitt, chair of the National Infrastructure Commission. Armitt called for a "new approach" to regulation that motivates operators to make "prudent local investments" in anticipation of future needs and to lessen climate impact. The NIC's recommendations could see the average annual household electricity bill increase by £5 to £25. "Asking consumers to make a small contribution up front to enable this won't be welcome," conceded Armitt, but he maintained that the potential rewards were significant: "big prize on offer: harnessing the benefits of cheap renewable generation sooner rather than later and building a secure network optimised to support economic growth and decarbonisation, with resilience baked in." The Commission's year-long investigation concluded that Ofgem's price control process, a mechanism to regulate the profits of operators, needs simplification beyond just prioritising low costs for consumers in the short term. The report also urges the government to enact a series of changes to the planning system by 2025, to minimise uncertainty and expedite the approval of new infrastructure projects. These changes include modifying legal acts that facilitate the construction of overhead lines and substations, which transport electricity through the system. An Ofgem spokesperson responded: "Ofgem welcomes the NIC's report and we are encouraged that many of the recommendations chime with work already underway. "We are committed to promoting growth and investment and enabling network operators to invest for the future. Last week we proposed radical reform to speed up grid connections and we are committed to introducing flexibility in the system that rewards customers for using energy during hours when demand is low.

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Sheffield's One Health Group looks to create surgical hub through £8m fundraise

2025-05-03 05:02:41

Sheffield healthcare company One Health Group is looking to raise £8m to fund the creation of its first surgical hub amid a move to the AIM market. The firm, a leading independent surgical services provider to the NHS has announced a conditional placing to raise a minimum of £7m, an open offer to qualifying shareholders to raise up to £500,000, and a retail offer to raise up to £500,000. The firm is also proposing to cancel trading on the AQSE Growth Market and admission to AIM. In an announcement to the market, it said proceeds would be used primarily to fund the group’s first owned surgical hub through to operation, a project which is expected to cost between £8m and £9m. The group expects the hub to be operational within one year of construction starting and deliver between £6m and £9m in annual revenues, while also being earnings enhancing in its first full year of operation. Planning permission for the surgical hub is expected to be submitted soon. The placing to raise a minimum of £7m consists of an issue of new ordinary shares to raise £5.2m, and the sale of existing ordinary shares held by certain directors and the company’s EBT Trustee to raise at least £1.8m. The capital raising is conditional upon admission of the Enlarged Share Capital to trading on AIM, cancellation of trading on the AQSE Growth Market and the passing of the Resolutions at the General Meeting. In addition, the company intends to launch an offering to both new and existing retail shareholders in the United Kingdom of up to 277,777 new ordinary shares through the retail offer. The announcement says: “The board considers admission to be in the best interests of the company and its shareholders given the growing scale of the business. The board believe AIM is a more appropriate market for the company and will enable it to attract a wider pool of investors, provide greater access to capital for growth and, over time, improve liquidity in the ordinary shares.” Its proposed move from the AQSE Growth Market to AIM are both conditional on completion of the placing and the open offer, and the passing of the resolutions at a general meeting. Should everything go ahead, admission to AIM is expected to take place on March 20.

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British Airways owner IAG's profits soar as share buyback announced

2025-04-28 03:18:26

IAG, the parent company of British Airways, exceeded expectations with its full-year results, as robust travel demand in the post-pandemic era continued through 2024. The airline conglomerate reported an operating profit of €4.3bn (£3.6bn), a 22 per cent increase year-on-year and surpassing the €3.7bn forecast by analysts, as reported by City AM. Revenue also exceeded predictions, rising nine per cent to €32.1bn. Following this strong performance, IAG announced a €1bn share buyback programme to be implemented over the next 12 months. IAG shares soared in 2024 as the post-pandemic boom in travel demand showed no signs of slowing down. The stock has risen more than 120 per cent over the last 12 months and increased 3.6 per cent in early deals on Friday. Its subsidiary, British Airways, which announced a massive £7bn investment programme in March, earned more than £2bn last year, significantly exceeding the £1.3bn profit made in 2023. The London-listed airline is now proposing a dividend of €0.06 (5p) per share, bringing its full-year dividend to €0.09 (7p). This means investors can expect around €435m (£359m) this year. "These results highlight the quality of our businesses and effectiveness of our strategy, underpinned by the successful execution of our transformation programme across the group," said Chief Executive Luis Gallego in a statement to markets. Gallego stated: "We are delivering world-class margins and returns, in line with the targets we set out to the market just over a year ago."

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Plans for ten wind farms across Wales secures £600m funding boost

2025-05-01 02:49:57

Developers behind plans for ten major wind farm projects across Wales have secured a a £600m funding boost The projects include Twyn Hywel wind farm, with turbines bigger than Blackpool Tower, which was given planning permission last year, and will generate enough power for 81,000 homes when completed. The investment has come from Copenhagen Infrastructure Partners, which is taking a stake in the companies hoping to build the wind farms, Bute Energy and Green GEN Cymru. Nine more wind farms are still awaiting planning permission, forming part of a £3 billion onshore wind portfolio. Ed Miliband, the energy secretary, said it is a "significant investment and a vote of confidence" for the Government's clean energy plans. You can get more story updates straight to your inbox by subscribing to our newsletters here. Subject to plannig aprovals, Bute Energy's entire portfolio of planned energy projects will generate enough power for 2.25 million homes by 2030. It comes after Labour started a massive push towards wind and solar energy in recent months to make the UK less dependent on global gas prices. The policy is designed to reduce carbon emissions from the power grid by 95% by the end of this decade. Nischal Agarwal, partner at CIP, said the investment "reflects our confidence in the Welsh renewable sector to deliver much needed infrastructure to Welsh homes and businesses, to play a full role in meeting national renewable energy targets". Bute Energy and Green GEN Cymru said their projects are in response to the Welsh Government's plan for the country's entire electricity consumption to come from renewable sources by 2035. Bute Energy's projects aim to meet 25% of this target – bosses say they could create up to 2,000 jobs.

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FTSE 100 firms making progress towards gender equality as nearly half board seats go to women

2025-05-09 08:57:42

A new report has highlighted strides towards gender parity in the UK's top companies, revealing that women now hold 44.7% of board seats within FTSE 100 firms. Yet, the advancement is less pronounced in executive roles, with women occupying just 32.7% of executive committee positions in these leading companies, as per the latest findings from the FTSE Women Leaders Review, as reported by City AM. The broader FTSE 350 index also saw an increase in female board representation to 43%, a significant rise from the mere 9.5% recorded in 2011. In a landmark achievement, for the first time, women account for over half (50.1%) of non-executive directorships on FTSE 100 boards, with the FTSE 250 not far behind at 49.8%. However, the pace of change is notably slower in the UK's largest private firms, where women constitute only 30.5% of board members. Moreover, the number of all-male boards has risen from five to seven in the past year. Despite the progress in board diversity, the proportion of women in senior leadership roles across FTSE 350 companies remains lower, at 35.3%. "With six out of ten companies now having over 33 per cent women in leadership, we are within striking distance of the 40 per cent target, but this may not be achieved until beyond 2025 as some companies still have less than a third of their leadership roles held by women," the report stated, indicating that while progress is evident, there is still a considerable journey ahead to reach the envisaged targets. "Some of our targets have already been met. Balance on boards for the FTSE 350 has been delivered. Some remain challenging, such as achieving balance in executive leadership by 2025, and will require a step up in commitment," stated Penny James and Nimesh Patel, the co-chairs of the FTSE Women Leaders Review. Minister of State for Women and Equalities Anneliese Dodds and Secretary of State for Business and Trade Jonathan Reynolds emphasised the importance of diverse leadership teams: "It has become increasingly evident that diverse leadership teams are not just a matter of fairness- they are essential for fostering innovation, driving performance and ensuring sustainable growth."

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Coca-Cola and Fifa reach agreement in time for Club World Cup

2025-05-06 14:20:13

Coca-Cola, alongside German sportswear titan Adidas, had initiated legal proceedings against football's governing body over sponsorship rights for the expanded Club World Cup. The bone of contention centred on renegotiating new contracts pursuant to the increase in participating teams to 32, as reported by City AM. However, the discord seems to have been mitigated, with Coca-Cola now confirmed as a sponsor for the event. The beverage giant's partnership with Fifa dates back to 1950 and is cemented through a current seven-year arrangement worth $400 million, extending up to 2030. Joining Coca-Cola in supporting the Club World Cup are Anheuser-Busch InBev, electronics heavyweight Hisense, and Bank of America, with Dazn set to broadcast the tournament. Commenting on the agreement, Fifa chief business officer Romy Gai remarked: "The Coca-Cola Company has been involved in stadium advertising at every Fifa World Cup since 1950 and has provided many memorable experiences in global football over the decades." He added, "We are delighted to have such an important and long-standing partner on board as we usher in a new era in global club football with the Fifa Club World Cup." Brad Ross, vice president of global sports and entertainment marketing and partnerships at The Coca-Cola Company, remarked on the importance of associations like the one with Fifa: "Sports partnerships like the one we have with Fifa are an important growth driver for our company, brands, and global system, and the Fifa Club World Cup will be a significant moment." The tournament is set to commence in Miami on June 14, seeing Premier League giants Chelsea and Manchester City join the fray. Despite the excitement surrounding the inaugural edition of this expanded contest, concerns over player welfare persist.

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New recruitment agency launches

2025-04-24 14:46:23

A new recruitment agency has launched in the West Midlands. Club Connective is based at Birmingham Business Park, in Solihull, and specialises in matching workers with employers in sectors ranging from facilities management, industrial and commercial, through to finance and care. The business is led by head of operations Dylan Parchment who has more than a decade of HR and recruitment experience, having worked in the industrial and commercial sectors before branching out into facilities management. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. It has already secured tenders from national facilities management business Coat Facilities Group, cleaning products wholesaler Purcho, Tamworth accountancy practice Philip Barnes & Co and property firm My Iglu. Club Connective has also started advertising full-time and temporary employment listings with Job Adder, Indeed, CV Library and LinkedIn. Mr Parchment said: "Jobseekers and employers that come on board with us are not signing with an agency, they are joining our club, as we are invested in individuals and businesses' long-term ambitions to create opportunities for individuals and businesses to grow. "That is one of the main reasons we have landed our first major client so quickly as they share our values of creating an environment where people can build long-lasting and rewarding careers. "While it's still early days for us we have got off to a great start by filling 12 vacancies in our first couple of weeks.

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UK housing market value surpasses £9 trillion, driven by easing affordability

2025-05-12 12:23:57

The total value of all UK homes has eclipsed the £9 trillion mark for the first time, as revealed by new insights from property experts at Savills. Following a slight downturn in 2023, the UK housing market rebounded with a formidable £346bn increase last year – now standing at over 3.5 times the nation's annual GDP, as reported by City AM. "Affordability pressures eased and prices returned to growth in many areas [in 2024], pushing the total value of the UK's housing stock to another record high," commented Lucian Cook, Savills' head of residential research. The property market faced significant challenges in 2023 amidst soaring borrowing costs and purchaser hesitancy leading to delayed transactions. During August 2023, average mortgage rates for two and five-year fixed deals surged past six percent. However, mortgage interest rates have been on a downward trend over the past year, aligned with consecutive reductions in the Bank of England base rate. Data from Mojo Mortgages indicates that the average rate for a two-year fixed mortgage dropped to 4.7 percent by the end of 2024. Promising signs for a further uptick in house prices this year were highlighted as Rightmove's house price index reported a 0.5 percent rise in January, taking the average listing price to £367,994. "The confident start to 2025 continues, with more sellers coming to market and good levels of activity," stated Tomer Aboody, director of financial services firm MT Finance. Lawrence Cook of Savills commented: "With the Bank of England expected to cut interest rates further over the coming months, we anticipate an increase in transactional activity, particularly among second-steppers who have held off moving until rates fall." Moreover, mortgage lending regulations look set to relax. Nikhil Rathi, CEO of the FCA, has stated in a letter that the body will "begin simplifying responsible lending and advice rules for mortgages, supporting home ownership and opening a discussion on the balance between access to lending and levels of defaults".

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UK Government achieves NHS appointment target early, yet challenges remain

2025-04-28 11:41:00

The government has announced that it achieved its target of providing an additional two million NHS appointments seven months ahead of schedule, even as the health secretary cautions that there is still a "hell of lot more to do". According to new data released by NHS England, nearly 2.2 million more elective care appointments were delivered between July and November last year compared to the same period in the previous year, as reported by City AM. The government rolled out 'Change NHS' in October last year, a decade-long health strategy aimed at "building a health service fit for the future". Last Thursday, it shared data indicating a slight decrease in the overall NHS backlog from 7.48 million to 7.46 million, with the estimated number of patients waiting dropping from 6.28 million to 6.24 million. However, Monday's figures provided a more detailed picture, revealing that the NHS offered an additional 100,000 treatments, tests, and scans each week, along with over half a million extra diagnostic tests. Wes Streeting told BBC Breakfast that while the government had "delivered on our first step", his department was not "doing victory laps". He acknowledged the ongoing challenges, stating, "There are still massive challenges in the NHS, a hell of a lot further to go on waiting lists," and added, "People are still struggling to get GP appointments, and GPs are struggling." Prime Minister Keir Starmer welcomed the latest data, asserting, "We're determined to go further and faster to deliver more appointments, faster treatment, and an NHS that the British public deserve as part of our plan for change." Following a recent study, new figures have indicated that nearly one in eight people in Britain now have medical insurance, reaching a near-record high. Hospital and healthcare market intelligence provider Laingbuisson reports that almost 12% of the UK population is covered by medical insurance, marking the highest rate since 2008. The Health Secretary has been openly encouraging the use of the private health sector to alleviate NHS waiting lists. Last month, Streeting remarked, "I'm not going to allow working people to wait longer than is necessary when we can get them treated sooner in a private hospital, paid for by the NHS." In discussing with BBC Radio 4 this morning, the Health Secretary expressed his backing for private contributions to the NHS, stating, "I certainly want more patient choice, more patient power, more patient control over where they're seen, how they're treated, the nature of their appointments." He further highlighted the need for the NHS's customer service levels by adding, "The NHS should be as responsive as any other organisation that we use." Regarding private investment, he noted, "I think there is a role for private investment, but the terms of those arrangements, that's where you've got to tread really carefully. But I'm open to serious proposals from the NHS, or indeed anyone else,".

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Vitality reports £168k loss despite revenue boost to nearly £1bn in 2024

2025-04-24 04:49:33

Vitality, the health and life insurance company, has reported a loss before income tax of £168,000 for the financial year ending 30 June, 2024, a stark contrast to last year's profit of £37.9m, despite a significant revenue increase. The London-based insurer saw its insurance revenue jump by almost £100m, as detailed in newly filed accounts with Companies House, reaching £991.5m up from the previous year’s £894.9m, as reported by City AM. Nonetheless, the firm has seen a profit before financing and income tax of £29.5m, although this is also lower compared to £64.6m in the previous year. Comprising Vitality Life, Vitality Health Insurance, Vitality Health, Vitality Corporate Services, Better Health Insurance Advice, and the Healthcare joint venture, the group recorded an uplift in both the health and life division's insurance revenues. Specifically, Vitality Health saw its insurance revenue climb from £634.6m to £698.4m, with new business sales also rising from £109.8m to £117.4m. Similarly, Vitality Life's insurance revenue went up from £260.4m to £293.1m, with its new business sales growing from £80.3m to £83.1m. A statement from the group declared: "Both Vitality Health and Vitality Life have seen robust year-on-year growth broadly consistent with lives growth." It added: "Overall, an increase in new business sales year on year, on track retention levels and dynamic market pricing has led to growth in premium income year on year." Regarding its new business sales, the group stated: "Strong year-on-year growth was driven by increased relevance of PMI [private medical insurance] and life insurance in the wake of the Covid-19 pandemic as well as Vitality's continual innovation and adoption of new ways of doing business both digitally and telephonically." During the year, the remaining motor insurance policies offered by Vitality Car were largely run off, with the remaining policies expiring by August. This followed a decision made in June 2023 to not offer members cover beyond their plan year after the UK car insurance market "experienced unprecedented claims inflation which led to significant price increases". These increases were passed onto Vitality Car members by underwriting Covea. Vitality noted that the rises "materially impacted Vitality Car's ability to deliver value for good drivers". In February 2024, the shareholders of Healthcare Purchasing Alliance, of which Vitality Corporate Services owned 50 per cent, decided to place it into voluntary liquidation. The process was completed in June. Despite these challenges, Vitality bosses 'remain optimistic'. A statement approved by the board read: "Vitality's core purpose is to make people healthier and enhance and protect their lives. "By focusing on lifestyle as well as illness and death, Vitality will create awareness of the real issues facing society, empower members to make positive change and contribute towards a healthier nation. "Heath and wellbeing will remain a strong feature of the products offered as the directors believe that the promotion of good health will bring benefits in terms of lower claims rates, as well as leading to improvement to individuals' lifestyles and health, their productivity and public health generally. "With this vision and purpose Vitality aims to build a substantial profitable business. "Over the period, there has been continued geo-political uncertainty and conflicts, increased economic uncertainty and high inflation. "Vitality is closely monitoring and managing the associated risks and remains committed to supporting its staff and customers as these emerging challenges are navigated.

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London Heathrow announces first dividend since pandemic following ownership change

2025-05-09 19:40:23

London Heathrow Airport is set to award its new French and Saudi proprietors their first dividend in five years, following a surge in passenger numbers that hit record levels in 2024. The West London transport hub has approved a £250m payout in the coming weeks, marking the first distribution since the pre-pandemic era, as reported by City AM. The airport experienced a significant shift in ownership during 2024 when Spanish conglomerate Ferrovial divested its controlling interest to Ardian and the Saudi Public Investment Fund (PIF). This development accompanied Heathrow's announcement of its annual financial results on Wednesday. Despite facilitating a record-breaking 83.9 million passengers, adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), alongside revenue, fell by 8.7% and 3.5% respectively. Heathrow attributes this downturn to decreased airport charges, which were mandated by the Civil Aviation Authority (CAA) in a 2024 regulatory verdict. Nevertheless, pre-tax profit experienced substantial growth, soaring by 30.8% to reach £917m. Amidst these financial dynamics, Heathrow emerged as a cornerstone in the Labour government’s strategy for economic expansion this January, as Rachel Reeves lent her support to the long-stalled plans for constructing a third runway at the airport. With intentions to lodge a planning application for the multi-billion-pound endeavour in the upcoming summer, Heathrow aims to boost the UK's infrastructure considerably. Thomas Woldbye, CEO of Heathrow, asserted: "Securing future economic growth means investing in the infrastructure that powers it," and pledged, "Over the next decade, we will be making the largest private investment in the UK's transport network which will modernise Heathrow and unlock new capacity for growth.

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Forecourt venture Ascona looking to accelerate expansion on new funding deal

2025-04-27 15:07:27

Pembrokeshire headquartered independent forecourt operator Ascona has secured a £92m funding package from HSBC UK and Barclays. The refinancing deal, which was led by HSBC, will support the company’s UK-wide expansion strategy. Ascona was founded in 2011 by chief executive Darren Briggs in Pembroke Dock. Since then the business has gone from two to 60 sites across the UK, serving over 300,000 customers and supplying 4.5 million litres of fuel every week. The business now employs more than 820. In its last financial year, to the end of March, 2024, it posted revenues of £284.3m and a profit after tax of £4.2m. The new funding deal replaced a previous arrangement with Crestline Europe. Mr Briggs said: “We are delighted to complete this important transaction for Ascona. This strategic financing marks a pivotal moment in our growth journey as we continue to strengthen our footprint as one of the UK’s largest independent forecourt operators and one of Wales’s fastest-growing companies. We are incredibly grateful to the HSBC UK and Barclays teams for their support.” Simon Williams, relationship director at HSBC UK, said: “We are pleased to support Ascona Group with this significant refinancing deal. It provides a solid foundation to secure future investment and drive the company’s impressive growth plans. Ascona Group’s entrepreneurial spirit and commitment to expanding its footprint across the UK aligns perfectly with our mission to foster business growth and economic development. We eagerly anticipate the company’s continued success and its positive contributions to the communities it serves.” Rebecca Davies, relationship director at Barclays Corporate Banking, said: “We’re delighted to have worked with the Ascona Group on this pivotal refinance, enabling them to implement the next phase of their ambitious strategic plan. The group has a strong track record of high growth and supporting the communities they invest in across the UK. We look forward to using our industry expertise and regional footprint to further support this in the years ahead.”

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National Grid to sell US renewables business for £1.4bn as it continues to slim down

2025-04-25 14:37:34

National Grid has confirmed the sale of its US renewables business to Canada's Brookfield Asset Management in a deal valued at £1.4bn. The UK energy operator described the transaction as an "important step" in its ongoing plans to streamline the business, as reported by City AM. Last year, National Grid sold both its Electricity System Operator (ESO) and its holdings in National Gas, and announced a significant £7bn equity raise. Subject to regulatory approval, Monday's deal is expected to be finalised in the first half of the financial year ending March 2026, barring any complications. This comes amidst uncertainty in the United States regarding the implementation of tax incentives in Biden's Inflation Reduction Act under President Donald Trump. However, Russ Mould, Investment Director at AJ Bell, warned that it was "not a rushed response" to Trump's scepticism towards green energy and had been in progress "for some time. "The fact the company has got the deal across the line in the new political environment might be met with some relief. The price tag looks reasonable for a set of assets which made a modest contribution to the group." He added: "Attention may now turn to the company's stated plan to sell its Grain LNG terminal in Kent – a proposal which attracted some controversy when it was announced over the potential impact to energy security." National Grid Renewables owns and operates approximately 1.8GW of solar, onshore wind and battery storage assets in the US.

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Data centre demand fuels growth at warehouse giant Segro

2025-05-10 22:13:20

Industrial property giant Segro posted a strong rise in profits, buoyed by high demand for data centre spaces and improving market conditions. The company's shares remained stable in early morning trading, as reported by City AM. Segro's pre-tax profits surged by 14.9% to £470m in the year ending December 31, while its portfolio value increased 1.1% to £17.7bn. The real estate investment trust's rental income also rose by 7% to £628m, driven by 5.5% like-for-like rental growth. David Sleath, Segro's chief executive, said: "We have created the largest data centre hub in Europe and are increasingly excited about the exceptional value creation opportunity from our pipeline of 2.3GW European data centre sites in core Availability Zones [clusters of data centers near densely populated financial hubs]. "We plan to pursue the most attractive risk-adjusted returns on each opportunity, including initially working with partners to develop fully-fitted data centres. "Having seen conversations with occupiers pick up pace in recent weeks, we expect leasing and pre-letting activity to increase." Segro anticipates that future demand will be fueled by persistent structural trends, including data and digitalization, urbanization, supply chain optimization, and sustainability. "Our business is therefore well-placed for further attractive, compounding growth in earnings and dividends in the years ahead, with significant additional value upside from our data centre pipeline." Last November, Segro made an unsuccessful bid to acquire rival firm Tritax, losing out to Canadian investment manager Brookfield, but managed to purchase about a third of Tritax Eurobox’s assets for 470m euros (£389m). Despite a drop of more than 11 per cent in the past year, Segro’s share price has had a robust start to 2025 with a six per cent increase since January 1. Analysts at Peel Hunt commented: "Segro shares have derated, along with the sector, over the past six months. However, the REIT remains optimistic on future development and rent-led growth. We remain Add, with an 810p target price." Analysts at Panmure Liberum rated the stock a ‘Buy’. "At first glance we are very pleased with Segro’s results. [There’s] a strong base and we see right away upgrades [to our] measure of sustainable medium term earnings at revenue level but some worries on finance cost ahead."

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Thames Water's rescue plan approved by High Court - saving it from temporary nationalisation

2025-04-20 18:42:26

Thames Water has received a crucial boost from the High Court, which approved its restructuring plans, averting the risk of temporary nationalisation. The UK's largest water supplier was on the brink of running out of funds by 24 March without securing a £3bn loan from creditors, while grappling with debts exceeding £19bn, as reported by City AM. Failure to obtain this financial support would have likely resulted in the company entering a special administrative regime (SAR). Chris Weston, Thames Water's chief executive, expressed relief and optimism following the court's decision: "This is good news for our customers, puts our business on a firmer financial footing and enables us to continue to invest in our network and deliver critical infrastructure upgrades for our customers and the environment," he said in a statement to the markets on Monday. He also emphasised the importance of the ruling for the company's ongoing recovery efforts: "Importantly, this decision will support the delivery of our turnaround which is underway." The High Court's approval means that Thames Water will receive up to £3bn in "super senior" funding. This includes an initial tranche of £1.5bn to extend liquidity until September 2025, followed by two further tranches of £750m each, ensuring the company's operations until May 2025. Critics, however, have suggested that nationalising Thames Water could have allowed for a restructuring of its unsustainable finances with public interest in mind. The utility serves around 16 million customers and employs 8,000 staff across the UK. In recent months, it has sought significant increases in bills, even appealing to the Competition and Markets Authority (CMA) last year to reassess Ofwat's price determination. Thames Water has secured financing from its leading bondholders at a hefty annual interest rate of 9.75%. The utility company's senior lenders, also known as Class A creditors, include prominent firms such as Abrdn, Apollo Global Management, Elliott Investment Management and Invesco. An alternative arrangement, dubbed the "B plan" was proposed by a smaller group of secondary creditors. However, in a ruling on Tuesday, Mr Justice Leech stated that the "relevant alternative" to Thames' plan being approved would be a special administration. He said: "After taking into account the public interest in ensuring the uninterrupted provision of vital public services, I nevertheless exercise my discretion to sanction the plan." A spokesperson for the Class A creditors group welcomed the decision, stating: "We welcome the news that Justice Leech has sanctioned the Company's Plan and recognises that there is a public policy in favour of rescuing the Thames Water Group and giving the market a chance to agree a permanent restructuring plan." They added: "The judgment is a positive step towards efforts to deliver a highly complex operational turnaround and restructuring which will see Thames Water's debt significantly reduced, billions in new equity for infrastructure investment provided, governance strengthened and vastly improved outcomes for customers and the environment delivered as soon as possible. "A Thames Water SAR would signal regulatory failure and impose billions in additional costs on UK taxpayers, diverting money away from pressing public service priorities." However, Matthew Topham, lead campaigner at We Own It, remarked: "This judgment is nothing but a stay of execution for Thames Water. The privatised company will limp on for a few more months like a profit-thirsty zombie." He continued, criticising the company's financial approach: "This crisis loan will keep Thames afloat in the short-term, but their underlying business model is rotten and should be condemned." Topham elaborated on the flaws he perceives in the company's operations: "It relies on piling up debt and raising customer bills so they can pay huge bonuses and dividends – all whilst pumping raw sewage into our waterways."

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Strong take up for Transport for Wales new pay-as-you-to system

2025-05-19 10:33:42

More than 150,000 rail passengers have used a new pay-as-you-go ticketing system in South Wales. Transport for Wales (TfW), the transport body of the Welsh Government, became the first train operator outside London and the south-east of England to introduce the convenient pay scheme. In November the tap in, tap out technology was made available at 95 railway stations throughout south Wales, with fares starting at £2.60. The new technology provides customers with automatic daily and weekly capping, offering a significant saving against standard anytime singles and seven-day season tickets. Similar technology, offering tap on, tap off ticketing is also being used for bus services in north Wales and recent figures indicate that more than 40% of transactions are now through this new paying method. Three years ago, TfW – which operates train services on the Wales and Border network – launched a single integrated ticket, valid for both bus and rail services, enabling faster and cheaper travel between south Wales and Aberystwyth. Recent figures reveal that between April and December last year, approximately 7,000 people used the integrated ticket for journeys between Carmarthen and Aberystwyth. Cabinet Secretary for Transport and North Wales Ken Skates said: “I am delighted that more and more passengers are opting for pay as you go, making the most of a simpler and fairer way of paying for their rail and bus tickets.” Alexia Course, chief commercial officer at TfW, said: “We want to offer customers the fastest, easiest and cheapest ticket offer and tap on, tap off ticketing allows us to do this. “We are proud to be one of the first train operators outside of London to be using this technology at 95 of our stations across south Wales. “This was one of our huge promises around the South Wales Metro and it’s now been delivered and has become our fastest-selling product. “We’re using similar technology for bus services in north Wales and our integrated ticketing model, joining both bus and rail with one ticket, is continuing to be successful.

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Anglo American says Woodsmith Mine expected to 'ramp up' from 2027

2025-04-21 09:03:59

Mining giant Anglo American has suggested its stalled North Yorkshire fertiliser project could ramp up again from 2027. Development work at the Woodsmith Mine near Whitby has been slowed since a decision last year to significantly cut investment. Since then it has cut hundreds of jobs from the project, which includes a 37km tunnel that will eventually connect the mine site with a processing and export facility at Redcar on Teesside. Anglo has insisted its crop nutrients business - which constitutes the Woodsmith project - will be one of three key business in a slimmed down group that has so far seen it sell of its nickel business and remaining coal activities, with platinum following soon. The slowdown has ushered in a period of "care and maintenance" with the firm saying it wanted to preserve the long term value of the project which aims to extract high performing natural fertiliser polyhalite from underneath the North York Moors. In new results, Anglo said it had continued service shaft sinking work at Woodsmith, reading a depth of 804 metres. It said further excavation work would progress through the sandstone strata for the rest of the year. Meanwhile work on the production shaft has been paused at a depth of 712 metres - about 45% of the full depth - since 2024 Meanwhile progress on the tunnel - which will be the country's longest - reached the final intermediate shaft at Ladycross before continuing at a slower pace. About 80% of the link between the Sneatonthorpe site and Redcar has now been completed. In an update on its work to develop the so far underdeveloped polyhalite market, Anglo said: "We have made considerable progress in 2024, including through the signing of Memorandums of Understanding with two major Chinese fertiliser companies in August 2024 to further develop the market for polyhalite in China, and the signing of a new agreement to reinforce our European fertiliser partnership with Cefetra in November 2024." It added: "During the slowdown period, the focus of marketing work will be on the key commercial and technical relationships that are already well established. This will maintain a presence in our key selling regions, consolidate the data that we have around product characteristics and performance, and develop our understanding of the potential for value adding blended polyhalite products.

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Glamorgan Cricket set to land £20m boost from equity sales in The Hundred franchises

2025-05-10 14:34:07

Glamorgan Cricket is set to receive a financial boost of around £20m from the sale of equity stakes in the franchise teams participating in The Hundred competition. As part of the sales process, North American tech billionaire Sanjay Govil has agreed to acquire a 50% ownership stake in one of the eight Hundred teams, Welsh Fire, based at Glamorgan Cricket’s home ground, Sophia Gardens. Both parties have now entered into an exclusivity period to finalise the deal - a process expected to take around eight weeks. With just a few franchise deals left to be concluded, the equity sales are expected to boost the total enterprise value of the eight teams to around £900m - far higher than initially forecast. At the outset of the sales process, some commentators speculated that Welsh Fire would have the lowest enterprise value post-investment, at around £35m. However, the investment by Mr Govil, who is understood to have rejected late overtures from other franchises, has shattered those assumptions, valuing Welsh Fire at more than double (£80m). The valuation brings Welsh Fire on a par with Hundred franchise rival Birmingham Phoenix. The England and Wales Cricket Board (ECB), which will ring-fence 10% of sale proceeds for the development of the game, will distribute the remaining funds among all 18 first-class counties. The eight county Hundred hosts will each receive around £20m later this year. Non-Hundred franchise hosting counties will receive slightly more than £20m each, as host counties benefit from the commercial revenues generated from staging matches in The Hundred tournament. Born in Montreal and raised in India, Mr Govil later moved to the US, where his business interests include the tech consulting firm Infinite Computer Solutions and health-tech venture Zyter. A passionate cricket fan, Mr Govil also owns the Major League Cricket franchise Washington Freedom, which is coached by former Australian cricket captain Ricky Ponting and features players such as Steve Smith and Travis Head. Washington Freedom has a player and coaching partnership with Australian first-class cricket team New South Wales. Such is the strength of the relationship developed between the parties that Glamorgan unilaterally increased the stake it initially planned to sell (49%) by 1%, creating an equal ownership split with Mr Govil for Welsh Fire. Glamorgan’s negotiating team, led by its chair and former investment banker Mark Rhydderch-Roberts, chief executive Dan Cherry, and club president Alan Wilkins, presented the investment proposition as an opportunity to back a national team (Welsh Fire) for Wales. This pitch resonated strongly with Mr Govil, as well as other bidders who missed out. Former Glamorgan chief executive Hugh Morris played a key role in ensuring that the club was included as one of The Hundred’s host counties by the ECB. Hosting a Hundred franchise and international test match cricket at Sophia Gardens would not have been possible without the vision of former club chairman, the late Paul Russell, who spearheaded the stadium’s development. His successor, Barry O’Brien, was also pivotal in reaching agreements with creditors to restructure the £18m debt incurred during the stadium upgrade. While Glamorgan could technically reacquire Mr Govil’s stake at a later stage, he has the first right of refusal should the club decide to sell its remaining Welsh Fire interest, or a portion of it. Speaking to the Times of India, Mr. Govil described his new part-ownership deal - pending final approval -with Glamorgan for Welsh Fire as a “marriage made in heaven. He added: “They are really nice people. I felt a real chemistry. The way the chairman Mark and the rest of his group followed up on our plans, I felt they really wanted us. They took the pains to visit me in London during Christmas on my last visit to England. Very warm and very supportive. It was always our first choice.” The idea of investing in Welsh Fire was first suggested to him by former Glamorgan cricketer and current club president and veteran sport commentator, Mr Wilkins. When asked about the possibility of Washington Freedom’s head coach Ricky Ponting getting involved with Welsh Fire, he said: “Possible. Why not? Why not Travis Head? Why not Steve Smith or even Andries Gous? Why not other Freedom players at Fire and why not Fire players at Freedom? I consider all my players and coaches as family.” Regarding a potential increase in his stake in Welsh Fire in the future, he said: “We will do what is in the best interest of the team and club. That is where chemistry is critical.” Collectively, the 18 first class counties have debts totaling £183m. However, Glamorgan is in a far healthier financial position than many of its rivals, with a net debt of just £1.6m, which it is comfortably servicing. The financial windfall from The Hundred will allow the club to invest further in its facilities and in the promotion and development of the game at all levels, from grassroots cricket for boys and girls upwards. It is understood that Mr Govil has also been appraised of potential commercial investment opportunities at Sophia Gardens, as Glamorgan seeks to generate additional non-cricket related revenue streams. Although still in the early stages, the club is exploring several commercial projects at its ground, including a hotel. The club would seek a consortium investment approach for such projects, while ensuring it retains an ownership stake. Speaking at Cardiff Business Club last September, Mr Rhydderch-Roberts said: “If the sale of The Hundred is successful, we will have additional resources to promote all formats of cricket in Wales. Underpinning all of this, of course, is the exponential growth of cricket domestically and internationally.

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Newcastle canning company CRL Foods gets £1m Northern Powerhouse investment

2025-05-01 10:06:44

A Newcastle food and drink canning company has secured a £1m investment from the Northern Powerhouse Investment Fund II. CRL Foods has developed patented technologies to manufacture a range of ready-to-drink beverages including cold brew coffees, teas and protein drinks. It has secured a £1m investment from NPIF II - Maven Equity Finance, following two earlier Maven deals from other funds that allowed it to add new production lines and take on staff. The new deal will allow CRL to scale rapidly and deliver significantly higher volumes following a number of new contract wins. The company’s technology allows longer shelf life for some products as well as providing recyclable packaging. Gareth Phillips, MD of CRL Foods, said: “At CRL, we are on a mission to improve the quality and sustainability of thermally processed food and beverage products in the UK, and ultimately worldwide, by providing innovative and value-added contract manufacturing solutions. We are delighted to have Maven’s continued support with this latest round of growth capital funding to accelerate our progress towards these goals.” David Nixon, senior investment manager at Maven said: “CRL is a growing business that has utilised its unique manufacturing processes to develop a strong order book from high-quality customers since we first supported the firm back in 2021. The company is well positioned to support increasing consumer demand for healthy and sustainable food & drink, and they have achieved impressive year on year growth to date. The team has many years’ experience within the food and beverage industries, and we’re delighted to support them at such a pivotal point in the company’s development.” Sarah Newbould, senior investment manager at the British Business Bank said: “NPIF II is driving innovation across the North and its recent investment in CRL Foods exemplifies this commitment. This investment demonstrates how the Fund supports a broad range of industries to drive technological advancement and boost growth across the regional economy.”

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Plans for small modular reactor nuclear plant in South Wales take step forward

2025-05-07 02:11:49

Plans for a pioneering small modular reactor nuclear power plant project in the Llynfi Valley have been boosted with its backers formally entering into a site licence approval process. US firm Last Energy last October first revealed plans for four 20 megawatt electric microreactors at the site of the former coal-powered Llynfi Power Station in Bridgend, which closed in 1977. If delivered the Washington-based company said the site, which it has already acquired, would generate 24/7 clean energy the equivalent of the annual power needs of 244,000 homes. It has now formally entered into a site licensing process with the UK’s nuclear regulator the Office for Nuclear Regulation (ONR). The project now becomes the first new site for a commercial nuclear power reactor to enter licensing since the Torness Nuclear Power Station in Scotland in 1978. All UK deployments since then have been on, or adjacent to, sites with existing or former nuclear plants. If signed off, subject to planning and licensing consent, Last Energy would deliver the project’s four SMRs with private finance. Last month it secured a letter of intent for around £81m in debt funding from the Export-Import Bank of the United States. It said: "EXIM’s letter of intent gives us one pathway to project financing for the first unit, and delivery of that first unit will be critical momentum to develop the next three." While EXIM funding would need to be finalised, future funding could be provided from a variety of sources, including from equity fundraising. As a project deemed a development of national significance a final planning decision would be made by Welsh Government ministers, following an assessment by its planning body PEDW (Planning and Environment Decisions Wales). Last Energy plans to enter a statutory phase with PEDW in March. It launched a public consultation exercise last year. Read the biggest stories in Wales first by signing up to our daily newsletter here Chief executive of Last Energy UK, a subsidiary of Last Energy, Michael Jenner, said: "This is another critical milestone necessary to unlock nuclear power at scale in the UK, which will help meet growing energy demand and alleviate grid restraints. We appreciate ONR’s efforts during early engagement, which has allowed us to accelerate through the process swiftly. We also very much welcome that ONR has applied proportionality during their engagement with us, as this is a critical enabler for realising the benefits of SMRs." Each plant will have a design life of 42 years with an option for extension. If approved, Last Energy said the site could be generating clean energy by 2027. It said the project would create 100 jobs and have a £300m economic impact. It added: "Our design produces less than 3% of the radiological material licensed at Hinkley Point C and Sizewell C. Because ONR takes a goals-based approach to regulation, we expect ONR to apply proportionality to their risk assessment, thereby keeping us on track to deliver the first unit in 2027."

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Anglo American presses ahead with demerger of platinum business

2025-05-13 16:47:14

Anglo American is pushing forward with the demerger of Anglo American Platinum, aiming for a June separation. The mining giant, which owns around 67% of the world's top platinum group metals (PGMs) producer, will seek shareholder approval for the split at its annual general meeting on April 30, as reported by City AM. Anglo American plans to retain a 19.9% stake initially but intends to gradually exit after the separation. This move is part of a broader strategic shift for the mining group. Anglo Platinum will operate independently, with its financials no longer consolidated under the larger group. Chief Executive Duncan Wanblad stated: "We are on a clear timeline towards demerging Anglo American Platinum – the world’s leading PGM producer – in June, with its primary listing on the Johannesburg Stock Exchange and an additional listing on the London Stock Exchange. "Consistent with our commitment to deliver a responsible demerger, Anglo American intends to retain a 19.9 per cent shareholding in Anglo American Platinum in order to further help manage flowback by reducing the absolute size of the shareholding that will be emerged. "Anglo American will no longer have any representation on the Anglo American Platinum board post demerger and we intend to exit our residual shareholding responsibly over time, and subject to customary lock-up arrangements." The mining company announced that the deal would result in an immediate cash boost for the group. It stated it would receive a total dividend payout of R16.5bn ($0.9bn) before the split, with the parent company's share amounting to approximately $0.6bn. The PGMs unit reported an adjusted EBITDA of R19.8bn ($1.1bn) for 2024.

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