Manufacturing

Northumberland's Bedmax hails export strength as it targets more sales

2025-05-10 22:22:37

Equine bedding and sustainable fire log maker Bedmax has talked of recent growth and export success across key markets in the Far East, Middle East and Europe. The Northumberland-based horse bedding specialist, which has production facilities at Belford, Chathill, Newark in Nottinghamshire and Andover in Hampshire, saw turnover edge up from £20.9m to £21.8m in the year to the end of March 2024, new accounts show. Operating profits also increased, from £271,405 to £457,943, while overall profit was down slightly from £278,920 to £267,753. Managing director Tim Smalley told BusinessLive that investments over recent years meant the firm can now produce more than ever of its wood shavings-based products, and that its focus is now on growing sales. He said: "We've grown nicely. We've obviously had to put prices up because of ongoing inflationary pressures. I don't think, like most people, we've been able to put them up as much as we should have - therefore margins get a little squeezed but will hopefully catch-up in the years to come. But our sales have been good all over, especially export. We do quite a lot of export to Far East, the Middle East and Europe which is all going well." Accounts documents also show that Bedmax, which employs around 60 people, made significant investments in plant and machinery and into research and development activities across its UK sites. Mr Smalley explained: "We're a fairly unique business - there's not many in our industry, so therefore we have to borrow ideas and kit from other industries and have to fit them to suit our purpose. We've done a lot of that recently and apart from the shavings we make our Hotmax heat logs. We've automated the packaging of them, which has cost a fair bit. "And we've also brought out a new product called Strawmax, which is straw pellets for horse bedding and we've had to set up two plants with that in the last couple of years - one last year and one the year before." Despite a series of export headwinds over the last decade including Brexit, shipping disruption in the Red Sea and inflation of container costs on the back of Covid, Bedmax customers are said to have remained loyal. However, Mr Smalley sounded a note of caution how the economy might fare in the months ahead, highlighting increased National Insurance Contributions as a burden. Bedmax's beginnings can be traced back to the mid-1980s at Greymare Farm in North Northumberland, with the introduction of Haymax. The idea was in response to evidence that dust and spores in stables were contributing to equine respiratory disease. Mr Smalley and family discovered that poor quality bedding was often to blame and began to develop wood shavings-based products.

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Black Country food manufacturer acquired by Finnish group

2025-05-17 22:45:25

A Black Country food manufacturer has been acquired by a European firm. Tipton-based Panesar Foods has been bought out in an undisclosed deal by Finish food and beverage company Paulig. Founded in 1992, Panesar Foods is a family-owned business which makes sauces, salsas and condiments, with a turnover of £59 million, 308 employees and three production facilities at its HQ. Paulig is also family owned and sells into 70 countries in segments such as tex mex, Asian and Indian foods. 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 Helsinki-based company said the acquisition would strengthen its position in the world foods segment. Panesar Foods' chief executive Bill Panesar said: "We are incredibly proud of our history and the remarkable growth we have achieved since our culinary journey began in 1992. "As Panesar Foods becomes part of Paulig, I am confident that our ambitions for international growth will be realised and the business will continue to thrive. "We share a strong commitment to innovation and delivering high-quality, flavourful products and I look forward to bringing even more delicious products to the market, together." Managing director Jas Panesar added: "We are thrilled to join forces with Paulig. This partnership will allow us to reach new markets and deliver our authentic world food flavours to a broader audience. "We look forward to combining our passion for quality food with Pauligs' commitment to sustainability and innovation." Paulig's chief executive Rolf Ladau added: "We have collaborated with Panesar Foods for 17 years and we are very pleased to welcome the company to Paulig.

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Bank of England printer De La Rue agrees to £300m breakup

2025-04-30 05:39:40

De La Rue, the Bank of England's banknote printer, has agreed to a £300m sale of a division of its business to an American firm. The London-based company announced this morning that it had entered into a definitive agreement for the sale of its authentication arm to Crane NXT, a New York-listed industrial technology company. Upon completion of the sale, De La Rue will solely be a currency printer, abandoning its authentication business that assists government clients in detecting fraud. This sale follows a series of issues for the company, including most recently being compelled to postpone significant pension payments into its retirement fund, as reported by City AM. "Completion of the sale will allow us to repay our existing revolving credit facility in full ahead of its maturity on 1 July 2025 and will provide a springboard to unlock further intrinsic value as we move to find a long-term funding solution for the group's legacy defined benefit pension scheme," stated De La Rue chair Clive Whiley. The company also added that an additional £12.5m in deficit repair contributions will be paid into the pension scheme over the next three years. In July, De La Rue confirmed it was in discussions to sell off a portion of the company, which was announced alongside the printer's full year results that had already been delayed in order for the firm to find a potential suitor. De La Rue reported a decline in earnings in line with forecasts, attributing it to "substantial trading difficulties", as its revenue fell 11.3% from £350m to £310m. Nonetheless, the entity's authentication division enjoyed a 12.5% increase in revenue, exceeding the company's set goal of £100m. "The sale of our authentication division to Crane NXT represents a substantial step forward on our route to realise the underlying intrinsic value of the De La Rue business for the benefit of all stakeholders," remarked Whiley. "We are delighted to reach agreement with a company with the stature of Crane NXT, with its complementary strengths and are confident that the authentication division will continue to build on its considerable successes over the past few years." Furthermore, the statement continued, "In addition, we will be able to focus fully on building and growing our world-leading currency business."

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Hinkley Point C contractor opens Bridgwater factory and plans to create 150 jobs

2025-05-01 04:03:21

A Hinkley Point C contractor has opened a new factory in Bridgwater, Somerset, and is planning to create 150 jobs. Engineering company BGEN said the move followed its appointment to a major electrical and instrumentation project at the nuclear power station. The £84m contract, announced in April, was awarded to the Warrington-headquartered firm by GE Steam Power Systems. GE will supply the two conventional power islands for the nuclear plant, including the Arabelle steam turbine, generator and other critical equipment. BGEN will be responsible for designing, supplying and installing the electrical and instrumentation packages for the Unit 1 and Unit 2 Turbine Halls. The firm's new facility at Carnival Way, close to Junction 24 of the M5 motorway, will initially employ 40 people. The manufacturing plant will be used to pre-assemble materials for the Hinkley Point C project, which is set to start in April 2025. “In recent times the business has expanded significantly as we continue to help deliver major energy security and transition projects across the UK," said David Blackburn, senior project manager at BGEN. “We’re looking for 150 candidates at all levels to help deliver an £84m project at Hinkley Point C, including office-based professionals and skilled craftspeople.” The job opportunities will be in health and safety, planning, project management and quality control. The business will also be looking for site supervisors, site managers, electricians, welders and scaffolders, it said. BGEN will also train up to 10 apprentices during the project.

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Ford unveils new electric Puma as Mersey plant starts work on power units that will drive car giant's EV transformation

2025-05-07 07:47:09

Ford has unveiled its new all-electric Puma Gen-E car at its Halewood plant, where production has commenced on the eDrive units that will power the vehicle. The units will be built at Halewood and then assembled at Ford's facility in Craiova, Romania. This development follows a £380 million investment, including £30.9 million in government support, to transform the Halewood site into an electric vehicle component manufacturing plant. With a production capacity of 420,000 eDrive units per year, Halewood will supply 70% of Ford's electric vehicles sold in Europe, including the E-Transit Custom, E-Tourneo Custom, and Puma Gen-E, with UK-manufactured technology. At the factory unveiling, Kieran Cahill, Ford's European industrial operations vice-president, said: "Ford is a global American brand with deep roots in Europe, and Halewood has been a cornerstone of that legacy for 60 years. It's not just the state-of-the-art technology or the £380 million transformation that makes Halewood special-it's the incredible team here. "Their skill, dedication, and pride are what power our electrification journey. With Halewood leading the way as our first in-house EV component manufacturing site in Europe, we're building a thriving future together, with nine electric vehicles on the road in Europe by 2025." Lee Meyers, Halewood plant manager, said: "The start of eDrive production at Halewood is a proud moment for us. We're not only embracing an exciting technological transformation but also contributing to the UK's electric future while investing in our team and community. This plant, our people, and the region have a bright future as part of Ford's electrification journey.", reports the Liverpool Echo. This strategic move marks Halewood as Ford's inaugural in-house electric vehicle component manufacturing facility in Europe, with the components set to be shipped across Europe for assembly at Ford Otosan plants in Romania and Turkey. Furthermore, Halewood and Dagenham will maintain their roles in bolstering Ford UK's annual export value as the company navigates the electric shift within its car and van portfolio. The launch of the electric variant of the Puma – the UK's top-selling car – boasts a city driving range of up to 325 miles, and it can charge from 10% to 80% in just over 23 minutes. The Puma Gen-E is priced starting at £29,995 and is currently available for orders. The Puma Gen-E, joining the Explorer, Capri, Mustang Mach-E and E-Tourneo Courier, completes Ford's electric car range in Europe. This is in addition to the commercial vehicle offerings of E-Transit, E-Transit Courier, E Transit Custom and E-Tourneo Custom provided by Ford Pro. Ford is one of a cluster of North West automotive firms that are driving the UK’s electric vehicle transformation. The road to an EV future is not always a smooth one – just last month Stellantis chose to invest in its Ellesmere Port plant, but said it was to close its Luton operation.

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Councillors demand Lancashire aerospace support as they fear 'downsizing' at Rolls-Royce plant

2025-05-18 03:04:32

Pendle councillors have united across party lines to seek protection for skilled workers and the advancement of future engineering enterprises in east Lancashire amidst concerns over the 'downsizing' of a Rolls Royce site in Barnoldswick. While acknowledging the global aerospace sector's growth, they've called for discussions regarding the future of the Rolls Royce Bankfield site. Barnoldswick houses two Rolls Royce facilities, with Bankfield and Ghyll Brow on Skipton Road being prominent locations historically associated with jet engine production. There is a cluster of aerospace locations scattered throughout Lancashire, including Samlesbury which holds special enterprise zone status and is earmarked for future advanced manufacturing. The motion put forward this week by Lib-Dem councillors Mick Strickland and David Hartley during the Pendle Council meeting specifically advocates for new business support initiatives, focusing on green technology sectors, reports Lancs Live. Coun Strickland emphasized: "The council notes the strength of advanced engineering skills in Pendle and its strong contribution to the economy. The bedrock of aero-engineering is Rolls Royce's Bankfield site which is being downsized through demolition and consolidation. "We believe the skills of our area should be harnessed for a fresh industrial revolution in new, renewable energy technologies to complement the existing engineering base. We want the council to convene a meeting of interested parties to pursue this aim and request the new MP, Jonathan Hinder, to support this." Coun Hartley said: "Rolls Royce has been a mainstay employer in Barnoldswick. Many of our relatives and friends have spent their entire working lives at the Bankfield site. But the site has not always been a Rolls Royce site. It started life as a weaving mill before being taken over by Rover, which developed the Whittles gas turbine engine. In 1943 Rolls Royce took over the site after repeated bombings by the Luftwaffe in Solihull. The site grew and developed many engines including the RB211 which powers many commercial jets today. 'RB' means Rolls Barnoldswick." He also reminisced about the value of apprenticeships at Rolls Royce: "When I left school, the premier apprenticeship to get was a Rolls Royce apprenticeship. When I left school in 1983, Rolls Royce took on 40 new apprentices that year. Once you gained your apprenticeship, it was like having a golden ticket to Willie Wonka's chocolate factory. It opened doors to every engineering firm across the country. Our engineers were head-hunted by every top company. In the 1950s, Rolls Royce employed over 3,000 people at its Barnoldswick sites. Today's figure is much lower. "Many people who have taken early redundancy started their own businesses, which feed the Barnoldswick site and surrounding aero-engineering firms. Examples include IPCO, set up by Ian Weatherhill and Simon Sharp. In 1991, IPCO became Hope Technology, which manufactures mechanical disk breaks and cantilever breaks. "Hope Technology now has a site on Calf Hall Lane, Barnoldswick, employing over 160 people. A cycle designed by Hope and Lotus, inspired by jets, appeared on the gold medal rostrum at this year's Paris Olympics. Yet another nod to our industrious past. We, as a council, need to encourage outside groups to become part of the future, investing in green technology to give future generations their 'golden tickets'." Coun Hartley said the aerospace sector was "ever-growing" and expected to grow by seven per cent to $430billion. He said the Bankfield site in Barnoldswick could be transformed into an industrial hub akin to what's currently being built in Oxfordshire's Newbury, where small engineering groups collaborate with giants like Williams, Ferrari, and Red Bull, creating a 'New Technology Valley'. " And he added: "We need someone in power to help fly the flag. We need our new MP, Jonathan Hinder, to be part of this process. Let's lead the way by inviting new and exciting green technologies to work with established firms. The site is already there. It just needs a new influx of creativity." Lib-Dem Councillor David Whipp, deputy leader of Pendle Council, added;"Employment now at Rolls Royce in Barnoldswick has gone down to around 400, I understand. I think that's part of the issue. We are seeing a pre-eminent aerospace company downsizing in Pendle. The site is huge and old sheds and test beds from the 1960s have been swept away. It's a blank canvas which needs new green shoots of recovery." He further insisted on the importance of nurturing green technologies: "We have around 3,000 small and medium sized firms which support engineering excellence. A whole range of manufacturing creates jobs and wealth. So it's important that Pendle is the focus of new green technologies." Conservative Councillor Ash Sutcliffe, who has a lead role in skills at Lancashire County Council, said: "I support this. Skills and education must be part of this. It's important to keep hold of skills before we lose them. A lot of work is being done about apprenticeships and supporting businesses. It's important that businesses understand the help available for them to get the right people in the right roles." Meanwhile, Independent Councillor Asjad Mahmood, the council leader, added: "I support this too. We have world-renowned companies and very specialised skills. It's crucial that we keep developing this. We raised this and other topics with the new MP, Jonathan Hinder, at a recent meeting." The motion received formal backing from councillors across all political parties. Rolls-Royce were approached for comment.

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Nissan production down more than 20% in August as European sales fall

2025-05-05 18:12:29

The number of cars produced by Nissan's Sunderland plant last month fell by more than 20% year-on-year, following a global trend across the Japanese brand's factories. New figures for August show the automotive giant produced 13,374 vehicles, a 22.9% decline on last August's numbers. That came as sales in Europe - the key destination for North East-made vehicles - were down 4.5% year-on-year to just more than 17,000. The numbers follow smaller falls in July but come amid a wider 8.4% decline across all UK manufacturers together - the sixth consecutive month of lower output, according to the Society of Motor Manufacturers and Traders (SMMT). August is typically seen as a slower month for the industry when factories are shut down and retooled for new models. The broader UK figures show production of electrified models, including battery electric, plug-in hybrid and hybrid fell by 25.9%, though that decline is expected to reverse in the long term as new models come to production. The SMMT said the decline came amid manufacturers winding down key models and preparing for new, primarily electric vehicles, following £24bn of UK automotive manufacturing investment announced last year. Among that investment is more than £1bn going into Nissan's North East operation in order to make new electric Qashqai and Juke models, a third gigafactory to provide batteries for the models and extensive on-site renewable energy creation to power production. The move will transition the Sunderland plant into one that solely produces electric vehicles. In July, Nissan lowered global financial forecasts having seen profits tumble in the last quarter. Results for the period between April and June showed a 73% drop in profit compared to the previous year, despite sales having risen 3% to 2.99 trillion yen (£15.2bn). Bosses pointed to profits having been hampered by incentives and marketing exercises to entice US customers. Mike Hawes, SMMT chief executive, said: "With the traditional summer shutdowns and factories prepping to switch to new models, August was always going to be a quieter month for output. The sector remains optimistic about a return to growth, however, with record levels of investment announced last year. "Realising those investments and securing more depends on the UK industry maintaining its competitiveness so we look forward both to the Chancellor’s Autumn budget and the government’s proposed Industrial Strategy as critical opportunities to demonstrate that it backs auto. Labour’s Automotive Sector Plan, launched at their Party Conference a year ago, should be the blueprint with its proposals for cheaper, green energy, skills investment and the cultivation of healthy markets here and abroad. These are the measures that would enable the industry to drive economic growth in every part of the country."

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Cranswick hails strong first half ahead of Christmas pigs in blankets surge

2025-05-06 16:25:57

Earnings have risen at FTSE250 meat producer Cranswick on the back of buoyant demand and substantial investment across its factories and farming operations. The Hull-based firm reported a 6.1% rise in revenue to £1.33bn in the six months to September 28, and a 16.5% bump in adjusted group operating profit to £99.6m. Meanwhile statutory operating profit was up 3.5% to £94m. It came on the back of £47.7m investment across the group - which employs about 15,000 people - including parts of a £62m, multi-phased programme into its Hull pork primary processing facility and £27m into the expansion of its two Hull-based breaded and ready-to-eat added value poultry factories. Bosses said £20m has also been committed to increasing capacity within the group's poultry operations. And during the period there had been acquisition of a supplier of outdoor bred pigs in East Anglia as well as spending on existing farming operations to drive productivity. As a result there had been an 18% year-on-year increase in pig production. Cranswick called the results a strong start to the year, and said the favourable trading had continued into the third quarter - with orders for the important Christmas period already strong, particularly across its pigs in blankets products. CEO Adam Couch said the results featured solid volume growth and market share gain. He added: "We continue to grow our poultry business and we have now committed to spending almost £50m across our vertically integrated poultry operations. We will invest £20m to increase volumes processed through our fresh poultry operations in East Anglia, alongside the substantial ongoing investment at our two added-value facilities in Hull. "Investment in our agricultural operations continues at pace with a further acquisition completed during the period alongside ongoing organic expansion. We now have the largest pig farming business in the UK which is producing over 34,000 finished pigs per week with self-sufficiency maintained at well over 50%. We will continue to invest in our pig farming operations to ensure that we can supply the right quality and quantity of pigs to meet the need of our strategic retail customers. "We remain on track to deliver further progress in the second half of the year. Our Christmas order book is strong and demand for our innovative products remains high as the UK consumer continues to appreciate the quality, value and versatility of our core pork and poultry ranges. "Our continued positive progress is made possible by our industry-leading asset infrastructure, the unrivalled capability of our colleagues across the business, the breadth and quality of our product range and robust financial position. Focusing on these strengths will allow Cranswick to continue to prosper, both in the current financial year and over the longer term."

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Alloy Wire International celebrates record year in North America

2025-05-20 13:00:32

A high-tech wire manufacturer is celebrating a record year in North America as it continues to grow in the energy, automotive and space sectors. Brierley Hill-based Alloy Wire International (AWI), which also has a manufacturing site at Batley in Yorkshire, says it has in the past year sent over £3.5m of round, flat and profile wire to customers in North America. It works with partner Davidon Alloys, of Rhode Island, which says demand is continuing to grow in the USA and Canada. AWI makes round, flat and profile wire in 62 “exotic alloys” such as Inconel, Monel, Hastelloy, Nimonic and Waspaloy. It supplies 6,000 customers across 15 different market sectors and says that despite global supply chain disruption it is still delivering material within three weeks of orders being placed. The group is also investing £1m in its manufacturing plants. Oliver Smith, sales executive at Alloy Wire International, said: “Our partnership works really well, as we share similar values of manufacturing quality, unrivalled delivery times and exceptional customer service. “By working together, we now supply more than £3.5m of wire to customers in this territory every year – the best performance in our history. “We’ve just been over there for a series of meetings and it’s always a pleasure spending time with our partners Davidon Alloys, who has been representing us in Canada and the US for 23 years now. “It gives us the perfect opportunity to meet customers and, importantly, share new advancements in the sector and buying trends that can sometimes be a lot different to back home in the UK.”

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Birmingham chosen for new medical manufacturing skills hub

2025-04-22 19:21:26

Birmingham has been chosen as a base for the UK's first Medicines Manufacturing Skills Centre of Excellence. The new facility will use virtual reality to train in laboratory skills and support the NHS' goal of net zero. The new initiative, known as Resilience, will address the skills shortage faced by the medicines manufacturing industry in the UK and the University of Birmingham will be one of the partners delivering the programme. Funded by the Office for Life Sciences, part of the Department for Science, Innovation & Technology, and managed through Innovate UK, Resilience is a £4.5 million, two-year programme. 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. Lord Patrick Vallance, the Minister of State for Science, Research and Innovation, said: "With over £108 billion turnover, as a provider of over 300,000 jobs nationwide and as a source of treatments helping tackle some of the most debilitating diseases, the life sciences sector is one of the UK's true industrial champions. "Our medicines manufacturers' work is critical to the economic success and health of the nation. For them to keep being successful, it is imperative that we help them bridge the industry's skills gaps. "This new centre of excellence will be an important part of those efforts, bringing industry, universities and the NHS together with schools and colleges to ignite the next generation of life sciences talent." Resilience will create and deliver new training courses for industry, the NHS and education providers, addressing key sector priorities, including digital technology, artificial intelligence, data analysis and environmental sustainability. The Resilience partner organisations will deliver in-person and remote training courses in advanced laboratory and medicines manufacturing skills to schools, higher and further education colleges, universities and the NHS. Ivan Wall is a professor at the University of Birmingham and a co-director of Resilience. He added: "The use of VR technology will be central to the project, helping young people safely learn skills that it would be impractical to gain in the real world due to logistics and capacity. "It will also help the NHS to meet its long-term goal of achieving net zero. 25 per cent of their emissions are in the supply chain and VR will help the industry deliver net-zero medicines manufacturing." The Resilience STEM Outreach programme will produce curriculum-aligned materials and careers awareness events.

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Bath stationery firm acquired by specialist Christmas goods manufacturer

2025-04-30 02:46:42

A Bath-based stationery and calendar business has been acquired for an undisclosed sum by an historic manufacturer specialising in Christmas goods. The Gifted Stationery Company - a £5m turnover firm founded in 2007 by Nigel Parr - has been taken over by the Swan Mill Group. The day-to-day running of Gifted will remain unchanged following the deal. Mr Parr will continue to operate the company from an office in Bath, supplying calendars, diaries and stationery products to UK retailers and charities, as well as export customers. “The Gifted brand is well-known for the more than 500 dated products they run each year which is absolutely new to us," said David Byk, chief executive of Swan Mill Group. Gifted launched a children’s lifestyle range - Hey Hugo - earlier this year including backpacks, pencil cases, meal boxes and water bottles. "We are excited about all the opportunities we can also develop together through our networks with Hey Hugo," said Mr Byk. "In total they currently run over 1,000 SKUs and we see this, and their expertise to supply these categories bespoke for our customers, as a real boost to our total offer." It is Swan Mill Group’s second acquisition in a five-year period, having added the Great British Card Company (GBCC) to its portfolio in 2019. Mr Byk added: "Whilst GBCC now has a strong stationery offer the Gifted one has a significant point of difference and will thus be incremental to the group."

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Italian firm to build £1.2bn new electric arc furnace at Port Talbot

2025-05-16 17:54:43

Tata Steel has signed a contract with a leading Italian metals technology manufacturer to build its new electric arc furnace in Port Talbot. The Indian-owned steel maker has appointed Tenova to deliver the £1.2bn project, which is being backed with £500m of funding from the UK Government. The company said the contract with Tenovo marked a “significant milestone” in the switch to produce greener steel in Port Talbot. The electric arc furnace (EAF) is replacing traditional blast furnaces, which have been shut down with the loss of more than 2,000 jobs. Read More:Chief executive of the Celtic Manor Resort has died Read More:Big rise in Welsh unemployment Planning for the EAF, which will make steel from scrap steel, will be submitted to Neath Port Talbot Council next month. Approval, with conditions, is anticipated next February, with spades in the ground in June or July. Once operational at the end of 2027, it will reduce the site’s steelmaking carbon emissions by 90%, compared to when it operated the blast furnaces - equivalent to five million tonnes of CO2 a year. It will has an annual capacity for three million tonnes of steel New ladle metallurgy furnaces, also supplied by Tenova, will then refine the molten steel to make more complex grades required by manufacturers in the UK and other countries The use of scrap will also significantly reduce the UK’s reliance on imported iron ore, strengthening the resilience of the UK’s manufacturing supply chains. Mr TV Narendran, chief executive of Tata Steel, said: “This landmark agreement will enable us to transform our steelmaking site that will not only support the UK’s decarbonisation journey but also provide economic development opportunities for south Wales. “This marks an important milestone in making low-CO2 steelmaking a reality in Port Talbot as well as reducing the UK’s carbon emissions and supporting our customers with their own carbon reduction targets.” Business Secretary Jonathan Reynolds said: “This partnership follows in the footsteps of an improved deal between the government and Tata Steel, and is further proof of our commitment to a bright future for UK steelmaking. “Technology like the furnaces made by Tenova is critical to decarbonising the industry, unlocking its potential to provide skilled jobs, and creating economic stability for future generations of steelworkers in south Wales. “Our upcoming steel strategy will provide further certainty for the sector as we set out our plan for its long-term growth and viability, backed by up to £2.5bn for steel.”

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Shortlist revealed for Black Country Chamber Business Awards

2025-04-29 06:14:53

The finalists have been revealed for a West Midlands business awards. Fourteen separate categories are up for grabs at the Black Country Chamber Business Awards 2024, including for international trade, manufacturing and apprenticeships. Among the companies to make the shortlist are Bilston manufacturer Bowers & Jones, which features in three categories, gas distribution company Cadent Gas, accountancy practice Jerroms and swimming school Maverick (see the full shortlist below). Chamber events officer Marie Shuker said: "Congratulations to all of the finalists on reaching the shortlist stage after more than 150 entries were submitted. "Our category partners will now begin the process of visiting all the finalists for their in-person judging to decide the winners on the big night." 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. Chief executive Sarah Moorhouse added: "We received a huge number of inspiring submissions this year, highlighting the breadth of innovation, determination and talent we have across our region. "Congratulations to all of our finalists and we look forward to celebrating with you all." The award ceremony will take place on November 21 at University of Wolverhampton at the Halls, with BBC and Sky broadcaster Amber Sandhu as host. Business in the Community Arrive Alive Cadent Gas Wolves Foundation Employer of the Year Black Country Living Museum Jerroms Maped Helix International Trade Bowers & Jones Exol Lubricants Fortress Safety Manufacturing and Engineering Bowers & Jones Jorhan Industries Consultancy and Professional Services Jerroms TPSquared VOiD Applications Science, Technology and Innovation Cadent Gas Fabory Tomato Energy Young Employee or Apprentice of the Year Dreamland The Early Years Company Weatherite Air Conditioning Small Business of the Year MoRServ TPSquared VOiD Applications Start Up of the Year Biotech Maverick Mutts Virtus Brands Family Business of the Year Maverick Sport Nickolls & Perks Walsh Funerals & Memorials Business in Schools Award BlackRook Academy HMB Training Services Tecman Not-for-Profit Organisation Black Country Women's Aid Penny Post Credit Union The Way Youth Zone Apprentice Employer Interclass Penny Post Group Credit Union Business of the Year Azets Bowers & Jones

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Tata Steel in green steel supply deal with JCB

2025-05-04 23:55:27

The £1.2bn electric arc furnace at Port Talbot will supply steel to construction equipment manufacturer JCB once operational. The electric arc furnace (EAF) from Tata Steel UK, following the ending of blast furnace primary steelmaking at Port Talbot, is scheduled to become operational in 2027. The supply contract between the Indian-owned steelmaker and JCB, currently in the form of a memorandum of understanding, is the first since Tata announced its EAF plans. The three million-tonne per year EAF - which will be one of the largest in the world - will provide a lower CO2 alternative to the traditional blast furnace method. The £1.2bn investment includes £500m funding from the UK Government. The EAF will turn UK-sourced scrap into new steel, removing the need to ship millions of tonnes of iron ore and coal from across the world to Port Talbot. Tata Steel’s plans will cut the site’s carbon emissions by up to 90% and UK’s overall carbon emissions by about 1.5%. ]Don't miss the latest news and analysis with our regular Wales newsletters – sign up here for free Anil Jhanji chief commercial officer, Tata Steel UK, said: “One of the key drivers in our transition plans is that our long-standing and loyal customers such as JCB need green steel to meet their own decarbonisation ambitions. They want to be supplied by a trusted partner making quality steel within the UK. "This announcement that two of the UK’s largest manufacturers are working together to create a low-carbon supply chain is an important step in the UK’s transition to a circular economy.” Wayne Asprey, group purchasing director of JCB, said: “Tata Steel is a long-term supply partner for JCB and this agreement marks an essential next step in our journey towards supply chain decarbonisation. "We are fully supportive of Tata Steel UK’s investment proposals and are pleased to be one of the first customers to endorse those plans by making this agreement to secure British-made green steel as soon as it is available.” Tata Steel signed a contract in October with Italian firm Tenova to build the EAF. Subject to planning approval construction work will start next summer.

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Advanced manufacturer Axiom upbeat on revenue growth

2025-05-13 13:34:48

Advanced electronics manufacturer, Axiom Manufacturing Services, is forecasting double digit growth this year on the back of strategic investment and new client wins supporting a record order book. The Newbridge-based firm specialises bespoke design, build, and test solutions for global customers customers operating in the aerospace, defence and security, medical, and industrial sectors. Read More:We need a national conversation on the future of Welsh universities Read More:New professorial role for former First Minister Mark Drakeford Last year Axiom maintained turnover of around £55m for a third successive year, despite the pressures of rising costs and ongoing global supply chain disruptions that continue to affect the manufacturing sector. Over the last year it has invested more than £1.8m in the latest surface mount technology (SMT) and green infrastructure, to enhance its advanced printed circuit board assembly manufacturing capacity and capabilities, while reducing its carbon footprint. Further investments to reform customer facing teams are allowing Axiom to enhance turnaround times, bidding, and new product introductions (NPI). In addition to strengthening services for longstanding customers, these upgraded capabilities have allowed Axiom to expand into new highly reliability industrial technology markets, including visual experience company, Disguise. Chris Nye, managing director of Axiom Manufacturing Services, said: "Our achievements during this period are testament to the unified efforts of our entire team. Their dedication is enabling us to build on five years of success to secure our projected record-breaking double-digit growth in 2024.

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Typhoo Tea tumbles into administration after 120 years

2025-05-06 23:52:05

Typhoo Tea has fallen into administration after more than 120 years. Vapes and batteries maker Supreme has said it is in talks over a potential rescue deal to snap up Typhoo. The historic Bristol-based drinks business filed a notice to appoint administrators on Wednesday, according to official filings. The collapse follows several years of declining sales, mounting debts and even a break-in at its Wirral factory last year. Insolvency specialists at Kroll have been appointed to oversee the administration process and are hoping to strike a rescue deal for the business. It is understood the business has fewer than 100 employees. Supreme – the London-listed vaping products and drinks manufacturer – told shareholders on Thursday that rescue talks are at “an advanced stage” but it is not certain an acquisition deal will be completed. The move would be part of efforts by Supreme to grow its drinks and nutrition operations, as it reduces its focus on vaping ahead of a Government clampdown on disposable vapes due next year. A spokesman for Kroll said: “As reported recently, the company has experienced significant cash flow constraints as a result of supply chain disruptions and subsequent service issues. “The company has been exploring a sale of the business and assets which is in the process of concluding. The administration process provides Typhoo Tea with protection, allowing the joint administrators to finalise the sale in order to rescue the business.” Typhoo’s latest company filings showed that it made a £38m loss last year, while sales fell by a quarter to £25.3m. In August 2023, Typhoo suffered a blow when trespassers broke into the company’s former factory in Merseyside and occupied the site for several days. Typhoo said at the time that they caused “extensive damage” and made the site “inaccessible”. The company had been trying to sell the factory, in a deal which eventually went through in June 2024. But Typhoo said the incident made up the bulk of £24m of exceptional costs that year, and that it had “materially” affected its day-to-day running.

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Legrand to create 200 new jobs with cutting-edge electronics hub in Northumberland

2025-05-11 09:45:49

Major European manufacturer Legrand has confirmed the creation of 200 new jobs through the construction of a new centre of excellence in the North East. Earlier this year, the company announced its intention to establish a base closer to the offshore renewable energy sector, supplementing its existing UK sites, including its Birmingham head office and locations in Wembley, Scarborough and Consett. The firm, part of the French-owned global Legrand group which reported a turnover of €8.4bn in 2023, is now set to bring 200 jobs to Cramlington with the launch of the latest electronics manufacturing hub for the Legrand Group in Europe. Specialising in electrical and digital infrastructure, the company's UK workforce operates across business units such as cable management, critical power, digital infrastructures, and working and living spaces. The new hub at Nelson Park in Cramlington, Northumberland, will house divisions including Legrand's CP Electronics lighting controls and Legrand Care brands, positioning it close to the clean energy sector and its associated skills base. Legrand UK and Ireland has been granted planning permission for a new 40,000 sqft facility at Crossland Park, Cramlington, complete with a service yard and 107 car parking spaces. The company expects the site to be operational by April 2025. CEO Pascal Stutz commented on the development, stating that it will enable Legrand to "better deliver on its mission to improve lives by transforming the spaces where people live, work and meet" while also fostering a safe, diverse, and inclusive workplace. Mr Stutz said: "The opening of our new Cramlington facility underscores our confidence in the UK's manufacturing sector and particularly in the skilled workforce in the North East. Legrand has been a proud UK manufacturer for more than 40 years.", reports Chronicle Live. He added: "During this time, the company has grown its expertise to become a trusted partner to contractors, specifiers, wholesalers, installers, facilities managers and building occupants, through our extensive catalogue of products, training opportunities and support services. Indeed, we are already proud members of the Made in Britain organisation, demonstrating our commitment to quality and UK manufacturing. "Our investment in this state-of-the-art facility underscores our ongoing commitment to UK manufacturing." Tim Witty, development director at UK Land Estates, shared his enthusiasm about the venture saying: "This is an incredibly exciting project, and we are delighted to welcome Legrand to the region. We constantly invest in our portfolio, and Legrand's new state of the art base on Nelson Park Industrial Estate delivers the highest possible energy efficiency standards as well as offering space for the global business to grow and flourish here in the North East."

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Spain's Navantia to save failing shipbuilder Harland & Wolff

2025-05-01 01:53:17

Spanish state-owned firm Navantia has agreed a deal rescue collapsed British shipbuilder Harland & Wolff. The UK company, which is famed for building the Titanic and has sites in Northern Ireland, Scotland and Devon, fell into administration in September. Under the terms of the agreement, more than 1,000 jobs will be saved as well as Harland & Wolff's assets which include its yards. It is understood the deal with Navantia was agreed after the UK government offered better terms on a £1.6bn contract to build a trio of Royal Navy ships, the FT reports. As Business Live understands, the vessels could be built at Harland & Wolff's Appledore shipyard in Devon and Belfast, and at Navantia’s Puerto Real site in Cádiz, before being assembled in Northern Ireland. Business Secretary Jonathan Reynolds would not divulge how much extra cash would be pumped into the contract but said it was a good deal for taxpayers, workers at H&W’s shipyards and national security. He told the PA news agency: “This is a huge vote of confidence in the UK. It is good for jobs, it’s good for national security, and it’s good for all parts of the UK. “This was a huge problem that we inherited walking into office. We have been able to broker a solution that is not just a solution to the short-term problem, but one in the best long-term interests of the UK.” Harland & Wolff's collapse earlier this year was its second in four years, after it was rescued by London-based energy firm Infrastrata for £6m in 2019. Last month, it was revealed the historic UK shipbuilder's ill-fated West of England ferry venture amassed debts of £3m before succumbing to administration. Scilly Ferries was established despite setbacks including financial turmoil and a delayed launch, ultimately ceasing operations without completing a single trip.

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GSK resolves Zantac cancer claims with a £1.7 billion settlement, boosting shares

2025-05-20 02:00:40

GSK shares surged today following the pharmaceutical heavyweight's agreement to fork out up to $2.2bn (£1.68bn) to resolve allegations that its heartburn medication, Zantac, was carcinogenic. The now-discontinued drug had been at the centre of 80,000 lawsuits filed by 10 different US law firms and had cast a shadow over the FTSE 100 company in recent times, as reported by City AM. Yet, with the settlement disclosed yesterday, it is anticipated to address approximately 93 per cent of the claims, thereby alleviating concerns about the financial burdens on the corporation. Investor confidence soared, reflected in a more than five per cent increase in GSK's share price as the market reacted positively to the development. Russ Mould from AJ Bell commented that "investors would have been pleased to see the company get this monkey off its back almost regardless of the cost." Prior projections by Morgan Stanley had indicated that the UK-headquartered pharma firm might have been exposed to potential liabilities amounting to a staggering $27bn (£20bn). "While some cases are outstanding it is a small proportion of the total and GSK will now seek to tidy up the loose ends," Mould further remarked. Although GSK has consented to the settlement, the firm has rejected any admission of guilt, citing an absence of "consistent or reliable evidence" connecting Zantac to cancer. Additionally, the company has committed to contributing up to $70m (£53m) towards settling a whistle-blower lawsuit which alleged that GSK intentionally concealed the risks of Zantac from the US authorities. GSK's agreement bolsters the firm's financial standing, following its business performance surpassing projections in recent quarters. Zantac received approval for distribution in the US pharmaceutical market in the late 1980s. Rapidly rising to prominence, Zantac's yearly sales exceeded the $1bn (£764m) threshold. However, it was removed from sale during the pandemic as a 'precautionary measure' due to fears over carcinogenic contamination.

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£220m investment by BAE Systems set to transform Rochester site into 'state-of-the-art' facility

2025-05-11 09:16:39

BAE Systems has announced a hefty £220m investment to overhaul its Rochester facility, turning it into a hub for "advanced technology". The site with a heritage spanning a century and renowned for aerospace technologies and electronic systems, is set for a transformation into a "state-of-the-art" establishment encompassing 32,000sqm. With ambitions to bolster the work environment, BAE Systems envisages the expanded and "more efficient" plant will lead to the creation of an additional 300 jobs within the next five years, supplementing the existing roster of 1,600 staff in Rochester, as reported by City AM. Dave Banks, business centre director at BAE Systems' Rochester operations, reinforced the value of the firm's personnel. "Our skilled workforce plays a vital role in delivering products that are of the utmost importance to national security and commercial aviation," noted Banks. He went on to underscore the significance of the investment: "This significant investment will help us attract additional highly skilled jobs to the Medway area ensuring that we can deliver for our customers who depend on our products to complete their missions,". The Rochester site is an incubator for cutting-edge aerospace innovations, producing critical components such as helmet-mounted displays, flight control computers, and civil and military aircraft control sticks for global deployment. It also houses the Electronic Systems global support centre, offering maintenance services for commercial airliners. The commitment from BAE Systems has been heralded as 'great news', with Councillor Vince Maple, leader of Medway Council, acknowledging the move by saying, "As our largest private sector employer, this is a strong vote of confidence in Medway being a great place for businesses to invest and grow from BAE Systems." The spokesperson commented, "As well as boosting the local economy, this investment will provide even more skilled employment opportunities for local people, help develop young talent and encourage others to base their businesses here. This is fantastic news for Medway," in recognition of the positive impact anticipated from the influx of capital. BAE Systems is significantly investing in its operations, with a commitment of £300m funnelled into overhauling its Glasgow shipbuilding facilities and an additional £200m earmarked to enhance its UK munitions business in response to growing demand. The defence industry is experiencing robust growth amid heightened global political tensions and concerns regarding potential shifts in US-Nato relations spurred by the prospect of a Trump administration withdrawal. Boosted by a strong performance in the first half of the year which was reflected in a substantial revenue and profit rise propelled by an impressive order book, BAE Systems raised its full-year forecast and increased its interim dividend in August.

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Cranswick upbeat thanks to better than expected trading across first half

2025-05-20 10:29:48

Stronger than expected first half trading has urged meat producer Cranswick to issue an upbeat profit guidance. The Hessle-based poultry and pork specialist told investors on the London Stock Exchange there had been continued volume growth across its core UK business in the 26 weeks to the end of September. Bosses at the FTSE250 producer said they now anticipate the current financial year, to the end of March 2025, will bring adjusted pre-tax profits at the higher end of market expectations between £179.2m and £191.7m. They said the performance had been underpinned by the contribution from Cranswick's expanded pig farming operation which saw the £31.7m addition of North Lincolnshire farming business Elsham Linc last year. There is also an ongoing, multi-phased expansion of the supermarket supplier's Preston site, east of Hull, where it processes pigs. Investment was also said to be continuing at Cranswick's houmous factory in Worsley, Manchester which has undergone a £23m fit out, first announced late last year, and since commissioned during the first half. In a first quarter trading update issued in the summer, the firm said its Pet Products revenue was strongly ahead of the prior year following a major supply deal with national retailer Pets at Home, from its facility at Lodge Farm, west of Lincoln. The firm said: "Whilst we remain cautious about current market and wider economic and geopolitical conditions, following the strong volume growth delivered through the first half, our outlook for the current financial year ending March 29, 2025 is now expected to be towards the upper end of current market expectations. "The board remains confident that continued focus on the strengths of the company, which include its long-standing customer relationships, breadth and quality of products and industry leading asset infrastructure, will support the further successful development of the group over the longer term."

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Leaders welcome multi-billion pound green technology plan for North West – and say it could protect manufacturing jobs for generations

2025-05-07 08:16:19

The Government’s multi-billion pound investment in green tech in the North West could secure manufacturing jobs for generations to come – that's the upbeat message from business and sector leaders after Sir Keir Starmer’s visit to the region. The Prime Minister and Chancellor Rachel Reeves visited the Encirc glass plant in Ellesmere Port to announce £22bn in support for two carbon capture and storage (CCS) schemes – Hynet, which stretches across the North West and North Wales, and the East Coast Cluster in Teesside and the Humber. Hynet will see emissions from sites including the Stanlow oil refinery stored in disused oil and gas reservoirs under the Irish Sea. The PM said his announcement “will give industry the certainty it needs – committing to 25 years of funding in this groundbreaking technology – to help deliver jobs, kickstart growth, and repair this country once and for all.” Encirc makes 3 billion glass vessels every year and works with some of the world’s biggest drinks brands. Its managing director Sean Murphy said: “The government’s announcement is a huge step forward for sustainable manufacturers like ourselves, and will help support the journey towards the production of billions of low carbon glass bottles and jars for global food and drinks brands across the UK. “As a business with sustainability at its core, Encirc has been a longtime innovator in finding ways to reduce our carbon footprint, both on the manufacturing process as well as in logistics and supply chain. “The regional focus is a sign of confidence for businesses here in the north west, and we hope further afield, including places like Fermanagh which are often left behind. “We look forward to working with UK Government on a range of issues to ensure that the right conditions are in place to enable the sort of inclusive green growth that benefits everyone across society.” Encirc is part of Spanish based glass manufacturer, the Vidrala Group. Group CEO Raul Gomez said: “We are living in challenging times for consumer related industries. Today, more than ever, we need investments and protection, and that’s why we are honoured to host the Prime Minister and to welcome the support in this announcement. “Glass is infinitely recyclable and the healthiest packaging material of choice. Encirc’s unique 360 service proposal separates us from other manufactures and delivers food and beverage products in the most sustainable way. “That’s why the Vidrala Group remains firmly committed to our UK business. We have an ambitious industrial plan that includes employment, investment and improvements in sustainability to help our customers deploy their brands in a competitive way, through UK made products, for the benefit of the British consumer.” Stanlow refinery, owned by Essar Energy Transition (EET) sits next to Encirc and is at the heart of the HyNet project. It hopes its own investments in hydrogen technology, combined with its connections to HyNet, will slash its emissions by 95%. Meanwhile the hydrogen it produces will be used by heavy industry locally – including by Encirc next door. Tony Fountain, managing partner of EET said: “(It is) fantastic to see the Government moving forward with the HyNet cluster, at the heart of which is our first low carbon hydrogen production plant at Stanlow, creating jobs and growth in the North West. Now that Government support is confirmed, we look forward to taking our final investment decision and starting construction in 2025.” Joe Seifert, CEO of EET Hydrogen, added: “Today’s announcement from Government represents a critical moment in the UK’s hydrogen industry. The North West is once again leading global industry into a new era - producing critical everyday items but without the carbon impact. This investment will help to secure and grow jobs in our manufacturing heartlands for generations to come.” Local business leaders say the investment will be great news for Cheshire more widely. Cllr Louise Gittins, chair of Cheshire and Warrington’s sub regional leaders board said: “This is excellent news for Cheshire and Warrington bringing £5.5 billion of investment and 6000 new jobs to the area. “The three local authorities are committed to making Cheshire and Warrington the healthiest, most sustainable, inclusive and growing economy in the UK and this investment is a further substantial step towards that vision. It is also the key first part in our even more ambitious £30 billion plan that will make the North West and North Wales the home of the UK and the world’s first net zero carbon industrial cluster by 2040.” Steve Purdham, chair of the Business Advisory Board which provides strategic advice to the region’s three councils said: “HyNet is a game-changer for Cheshire and Warrington, the North West and North Wales, marking a new era of economic opportunity, technological leadership, and environmental progress. This monumental investment will inject billions into our region, create thousands of jobs, and firmly place us at the forefront of the global green industrial revolution. It’s a powerful signal that Cheshire and Warrington are open for business, innovation, and sustainable growth. With the removal of millions of tonnes of carbon this will also pave the way to a prosperous, low-carbon future for generations to come.” Jane Gaston, CEO at Net Zero North West, said: “The deployment of Carbon Capture and Storage and Low Carbon Hydrogen at a large scale will enable us to decarbonise industries such as cement production, hydrogen production, and waste processing. “By capturing emissions and storing them in depleted gas reservoirs in Liverpool Bay, the region is taking a significant step towards a low carbon future. “In the next phase of the project, HyNet will build out the infrastructure required to transport hydrogen to industrial and power generation users across the region and store hydrogen at scale in underground salt caverns in Cheshire. This will not only contribute to the UK's energy security but also provide low carbon dispatchable power when renewable energy sources are unavailable. “By taking this opportunity, the North West region will solidify the country's global lead in CCS and low carbon hydrogen, develop and export skills, expand its supply chain in these sectors and generate comprehensive inward investment and socio-economic benefits. We are excited to support HyNet on this groundbreaking project and look forward to the positive impact it will have on the region and the UK as a whole.” Carbon capture technology has its critics, who say the technology has yet to be proven at scale and allows oil and gas production to continue. Greenpeace UK’s policy director, Doug Parr, said today that £22 billion “is a lot of money to spend on something that is going to extend the life of planet-heating oil and gas production”. He acknowledged it was vital the Government committed to industrial investment and job creation while tackling the climate crisis, “it needs to be the right sort of industries”. Llinos Medi MP, Plaid Cymru’s Energy spokesperson, said: “Today's announcement of investment in experimental carbon capture technology in north Wales is welcome, however this cannot be at the expense of proven clean technologies. “Only last month in the latest auction round for renewable energy projects, Wales only received a pitiful 1.63% of the investment. “Time is running out for Wales to hit its 2030 climate goals. If the UK government is serious about meeting Net Zero targets and creating green jobs in north Wales, then it should be developing Wales’ energy potential at pace by increasing public investment in GB Energy and rapidly upgrading the electricity grid to cope with the new demand.” Other industry analysts say the time is now right to try carbon capture and see if it can allow the UK to hit green targets without closing down key industries. James Murray, co-founder of Net Zero Festival and editor-in-chief of BusinessGreen said: “This is a big moment for the UK’s net zero transition, which promises to demonstrate how the decarbonisation of heavy industry is possible over the coming decade. These projects have been in the pipeline for years and after several false starts, the new funding package is further evidence of the new government’s commitment to moving quickly to unlock investment in green industries. “The onus is now on the nascent CCS industry to prove its doubters wrong, get projects to a final investment decision, deliver working commercial scale projects, and most importantly provide a pathway to bringing down costs over time.” Toby Lockwood, technology and markets director for CCS at global nonprofit organisation Clean Air Task Force, said: “This long-term investment should be money well spent, as without carbon capture and storage these facilities would have continued adding millions of tonnes of carbon dioxide into the atmosphere for years to come. “With the cost of carbon emissions set to rise, it makes sense to invest in technologies which can make these industries compatible with our climate targets, rather than sit back as they are ultimately forced to shut down.” Rebecca Tremain, director of UK policy at Clean Air Task Force, said: “There is ample scientific evidence that returning billions of tonnes of CO2 to the earth will be an essential part of global efforts to fight climate change, and the necessary technologies are already available today. “As more European countries commit to funding CCS, the UK’s significant support for the technology will help maintain the country’s climate leadership and industrial competitiveness, while bringing down the cost of future projects for the UK and others.” Darren Walsh, DWF's Global Head of Energy, said: "The funding announced today will not only create jobs and attract private investment but also position the UK as a global leader in CCUS and hydrogen technologies. The announcement marks a significant moment for the UK's industrial heartlands, particularly in the North West and North East of England. This funding will help inject much-needed growth into these regions. “The impact of this initiative will be far-reaching, driving innovation and sustainability in the energy sector. We believe that the initiative will assist in the successful development of the UK's CCUS and hydrogen sectors given the substantial access to funding and the government's commitment to working closely with industry, which will be an essential element to achieving success. The level of funding being made available is significant and should be a sufficient catalyst to seeking to achieve the aims of reducing carbon emissions and fostering economic growth. "However, while today's announcement is a major step in the right direction, there are always opportunities to go further. Additional measures to support the development of renewable energy sources and further incentives for private investment must continue in order to maximise the impact of this initiative. “Industry has already committed significant funding and resource in developing these nascent markets, with recent final investment decisions being made in key energy infrastructure projects. Industry has shown its commitment to these sectors; and Government must continue to demonstrate policy and funding commitments to maintain industry and investor confidence. Today's announcement is a strong foundation upon which to build a greener, more sustainable future for the UK."

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UK Government launches new steel council

2025-04-21 15:41:35

The UK Government has initiated a new steel council, which includes members from Tata Steel and British Steel, in response to the thousands of job losses experienced in the UK last year. The council is set to guide plans for the industry, supported by an investment of up to £2.5bn. Business Secretary Jonathan Reynolds, who will preside over the council's inaugural meeting today stated that steel communities have "had enough of lurching from crisis to crisis". The chief executives of of Tata Steel and British Steel, along with representatives from the GMB Trade Union and devolved government ministers including Welsh Government Economy Secretary Rebecca Evans ,are among the members expected to meet regularly. Last year, Tata Steel announced its decision to replace traditional blast furnaces with an electric arc furnace at its largest UK site in Port Talbot, Wales. Traditional steelmaking ceased in September, resulting in thousands of workers losing their jobs. British Steel also revealed plans to shut down blast furnaces in Scunthorpe in 2023, and to introduce a less polluting electric arc furnace. These greener plans, which require fewer workers, sparked concerns over potential thousands of job losses. The Labour UK Government has pledged to spend £2.5 billion "to rebuild the steel industry". This funding would be supplemented by a separate £500m package for Tata Steel to partially fund the new steel production at Port Talbot, where a £1.2bn electric arc furnace, which will make steel from scrap, is scheduled to open in 2027. The steel council, jointly led by the chair of Teesside's Materials Processing Institute, is gearing up for the spring release of the Government's steel strategy. This pivotal document is anticipated to outline means of bolstering UK steel production capacity and align investment choices with demands to fuel economic expansion. One critical topic on the council’s agenda will be how best to utilise the available funding, which may reach £2.5bn. “The industry and steel communities have had enough of lurching from crisis to crisis – this Government will take the action needed to place steel on a secure footing for the long term," asserted Mr Reynolds. "With the launch of the Steel Council we're placing workers and local communities at the heart of our plans as we bring forward £2.5bn of investment to secure growth right across the country. ” Gareth Stace, director general of trade group UK Steel, commented: "The establishment of the Steel Council marks a defining moment for the future of steelmaking in Britain." He added: "The council represents a crucial step towards creating a comprehensive Government steel strategy – one that lays the foundations for a sustainable and resilient industry." Roy Rickhuss general secretary of steelworkers' union Community, said: "Community is pleased to sit on the new Steel Council, which holds its first meeting today. After fourteen years of neglect under the Conservatives, we now have a Labour government which understands the importance of implementing a robust industrial strategy with steel at its heart. "We look forward to working with government and other stakeholders on the Steel Council to maximise the benefits of the game-changing £2.5 billion minsters have earmarked for revitalising our steel industry and providing the secure future our steelworker members across the UK deserve."

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Crafting company Katy Sue Designs looks to future after return to full ownership

2025-05-02 03:38:01

The founder of North East craft company Katy Sue Designs has returned the firm to her full ownership after buying out its investor. Katy Sue Designs was launched 30 years ago by Sue Balfour and her mother Doreen Thompson, who started out by creating miniature porcelain dolls on their kitchen table to sell to collectors. Over the years the business has diversified to sell a range of cake decorating, card making and craft supplies, including silicone cake moulds which have appeared on TV cookery shows including The Great British Bake Off. The firm’s products, all of which are designed and made at the firm’s base in South Shields, are now exported to countries around the world, having seen its overseas sales rocket over the last few years, since sealing investment from serial entrepreneur Neil Stephenson. Six years ago Ms Balfour brought on board Mr Stephenson as chairman and shareholder, as well as digital entrepreneurs Gary Hunter and Sam Morton, to develop its sales channels and increase US product sales. Ms Balfour said that, over the past six years, Katy Sue Designs has experienced tremendous growth, with 20% of the company’s revenue now coming from exports, a figure set to increase as the business continues its international expansion. Earlier this year, the company was highly commended by the UK Government in the Department for Trade and Industries ‘Made in the UK, Sold to the World’ Awards, recognising its excellence in exporting. Ms Balfour, CEO of Katy Sue Designs, said: “I want to express my heartfelt thanks to Neil Stephenson for his incredible support over the last six years. Neil, along with my early investors Gary Hunter and Sam Morton, believed in me and in Katy Sue Designs when I was looking to grow the business. In particular Neil helped me think differently and with that guidance, we have grown the business into what it is today – a global success with customers in every corner of the world. “This buyout marks a significant milestone, not only for the business but also for me personally. It allows me to fulfil some long-standing personal goals, and I am incredibly excited for the future of Katy Sue Designs. With two new members of staff joining our team in October to support our continued growth, the future is brighter than ever.”

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Funding deal for F1 composite manufacturer

2025-05-04 18:13:41

A young company which manufactures components for Formula One has secured a new funding deal worth £150,000. Leamington Spa-based MV Composites makes high-performance carbon fibre components and offers a full service from concept to prototype and production. Founded in 2021, it is led by Will Waterman and Mat Lainsbury who each have more than 15 years of experience in Formula One and who met while working at Red Bull Racing. MV Composites, named after Motorsport Valley, the cluster of motorsport businesses centred on Silverstone, now works with several F1 teams and other motorsport customers. 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. Over the past two years, staffing has increased from three to 17 while turnover has risen ten-fold. The business has also recently tripled its floorspace with a move to 5,000 sq ft premises. This new funding will enable it to complete the fit-out and create five more jobs in the coming weeks. Mr Waterman said: "Through our work in the industry, we noticed that many composites manufacturers were not geared up to cope with the demands of F1 teams. "MV Composites was set up to address this. We have scaled up quickly to meet demand and have invested in larger premises, additional equipment and staff and have also just started a night shift. "This finance will enable us to make the most of the new unit and provide more working capital so we can continue to grow the team and take on new contracts." The funding comprised a loan from the Midlands Engine Investment Fund via Birmingham-based fund manager Frontier Development Capital. Frontier's investment manager Raj Minhas added: "MV Composites is building a reputation in F1 circles for quality, precision and just-in-time supply and has the opportunity to become a major player in the industry. "Will and Mat have put the right infrastructure in place to build the business but needed the financial resources to support their growth. "The funding will ensure they can continue to meet their customers' needs and maintain the momentum."

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Volex makes a second 'highly attractive' offer for TT Electronics, urging shareholder engagement

2025-05-17 13:44:42

Volex, the listed manufacturing specialist, has declared its second bid for TT Electronics to be "highly attractive", with the company's chief, Lord Rothschild, calling on shareholders to engage. The initial offer included 62.9 pence in cash and 0.203 new Volex shares for each TT Electronics share, while the follow-up proposal offered 62.9 pence in cash and 0.223 new Volex shares, implying a value of 135.5 pence per share, as reported by City AM. Despite this, the board of TT Electronics has not engaged with Volex and has turned down both proposals. Now, with Thursday's prices taken into account, Volex's revised proposal would place the value at 139.6 pence per TT Electronics share, putting the fully diluted share capital valuation at £248.6 million. Volex's board has communicated to its shareholders that it strongly believes the second proposal presents an extremely appealing opportunity for TT Electronics shareholders. This announcement comes as TT Electronics has announced further job cuts as part of its strategy to counteract "substantial market challenges". Lord Rothschild, executive chairman of Volex, commented: "We believe that bringing Volex and TT Electronics together in a highly synergistic transaction would create a scaled and diversified leader in the specialist electronics market." He added, "Despite the resilience of TT Electronics' underlying business, it has faced persistent challenges in recent years, which Volex believes have been exacerbated by execution missteps by the board." The executive chairman of Volex, Nat Rothschild, has pointed out that since 1 January 2018, the share price of TT Electronics has fallen by 65 per cent, while Volex's has surged over 300 per cent. "I therefore strongly encourage TT Electronics shareholders to urge the TT Electronics board to engage with Volex in delivering an expeditious and highly attractive outcome for all stakeholders," he added. This statement comes as Volex announced its half-year results, which showed a revenue increase of over 30 per cent to $518.2m (£408m). This includes strong organic growth of nearly 10 per cent, along with a rise in sales of electric vehicles and consumer electricals. Volex reported that its underlying operating margin was "comfortably maintained" within the target range, and its interim dividend increased by over 7 per cent to 1.5 pence per share. Rothschild stated: "the strong performance during the period demonstrates once again that our strategy is working".

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Hula Hoops maker KP Snacks reports profits of almost £100m

2025-04-22 21:57:45

KP Snacks, the esteemed snack manufacturer known for popular brands such as Mccoy's, Hula Hoops, and Tyrell's, has seen its profit soar to nearly £100m during its latest financial year. The company, headquartered in Slough and also responsible for household names like KP Nuts, Butterkist, Pom-Bear, and Popchips, declared a pre-tax profit of £93.7m for 2023, climbing from £64.3m reported in 2022, as reported by City AM. Latest documents lodged with Companies House reveal the firms turnover increased significantly from £546m to £626.7m over this period. Reflecting its robust fiscal health, KP Snacks has boosted its dividend payout from £36m to £50m. Originating in Rotherham in 1853, KP Snacks has a long-standing heritage and is presently under the ownership of Germanys Intersnack Group. The company was acquired by Intersnack Group for £500m at the close of 2012 from its previous owner, United Biscuits. However, industrial strife touched KP Snacks in September 2023, as Unite union members at the company staged strikes in protest over earnings they claimed had diminished in real terms. According to the union, while profits had increased by an impressive 275% since 2018, average salaries had dipped by 14% across the corresponding timeframe. A report endorsed by the board addressed these challenges: "2023 saw significant inflationary pressures in the supply chain, levels not seen since 2008, impacting the whole food industry." It further detailed the strategies adopted by the firm: "Pricing, mix, revenue management and cost savings supported the recovery of 2023 inflation." Additionally, the report attributed some growth to overcoming hurdles from the previous year: "Growth was also supported by lapping the KP cyber attack in 2022, which whilst effectively managed, had a significant impact on our business last year." "KP grew share in 2023 and continued to strengthen its branded position in the UK crisps, snacks, popcorn and nuts market." "Gross profit margin has increased back to 2021 levels of 47.7 per cent from 46 per cent as a result of mix management with brands growing ahead of own label, the lapping of the cyber attack, cost savings from investments in our sites and brands, manufacturing efficiencies and hedging strategies delaying some inflationary pressures."

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Nissan hails biodiversity plan as Sunderland factory site attracts badgers, newts and birds of prey

2025-05-19 12:29:41

A rewilding project at the North East's biggest factory is said to have created a habitat in which badgers, water voles and newts are thriving. Automotive giant Nissan says they are just some of the animals to be found on marshland next to its Sunderland factory where it has carried out works to boost biodiversity. Bats, amphibians and birds of prey are also among the species spotted at the area which is next to the manufacturer's wind and solar farms, which help power the plant. The project was led by the factory's engineering team in conjunction with solar farm developer Atrato Partners Ltd and took just over a year to complete. Workers removed invasive shrubs, revitalised the habitat and build a viewing hide at the site. Now a host of difference animals, also including birds such as owls, herring gulls, kestrels and buzzards have been seen there, along with badgers, deer and great crested newts. There is also a variety of flora developing including white clover, bee orchids, garden lupin and cows slips. Andy Barker, engineering manager at the plant, said the rewilding efforts have turned uninhabited marshland into a thriving habitat for wildlife. He said: “We’re passionate about sustainability so it is fantastic to be able to create an area for wildlife to thrive. "We’ve carried out the rewilding close to where we built our first wind farm nearly 20 years ago and near our second solar farm, so this part of the plant has been the focus of our sustainability drive. It’s fantastic to continue that journey and we’ve been amazed at how quickly and how many of the various animals have taken up residence." Together, Nissan's wind and solar farms can generate up to 20% of the factory's electricity needs. In 2021 the Japanese manufacturer unveiled its multibillion-pound EV36Zero project, bringing together a new battery plant and on-site renewable energy sources to power production. Mr Barker added: "The second solar farm project allowed us to transform the existing marshland by adding a further pond and a maintained new grassland. It was about taking a holistic approach that included eco diversity as well as renewable energy." Nissan has also set out plans to make the Sunderland factory a flagship site for electric vehicle production which it hopes to emulate around the world. Under the firm's Ambition 2030 strategy, it aims to become carbon neutral across the life cycle of its products by fiscal year 2050.

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Northumberland aircraft de-icer Kilfrost hails good trading year despite fall in sales and profits

2025-05-15 07:59:55

Directors at Northumberland aircraft de-icer business Kilfrost have hailed a good trading year, despite an average winter impacting turnover and profits. The Haltwhistle firm has been involved in safety critical advances to get aircraft airborne safely in icy conditions for more than 90 years, having made de-icing fluid for the aircraft, ground and rail sectors around the world since 1933. Kilfrost is best known for its work in aviation, but it has also been involved in attempts to de-ice the football pitch at Newcastle United, working in the rail industry, on Arctic convoys to keep ships safe, and supplying products for Antarctic surveys. It notably invented the first ever glycol based aircraft de-icing and anti-icing fluids that remain the basis of today’s products globally, and has been making strides into geothermal activities, including refrigerants for the drinks industry as well as a low-viscosity products. Accounts for the manufacturer covering the year to March 2024 show turnover fell from £25.6m to £15.4m, while operating profit dropped from £3.4m to £2.8m. Pre-tax profits fell from £3.3m to £2.8m and total income came in at £2.2m, down from £3.2m. The balance sheet showed an increase in equity, from £7.4m to £8.6m. A breakdown in turnover showed the UK brought in most sales – £11.2m, a drop on the previous year’s £19.2m – while the rest of Europe accrued £3.6m and the rest of the world accounted for £631,000. Employee numbers remained steady at 35, one up from the 34 employed in 2023. Dividends of £1.04m were also paid in the year. A report within the accounts by director Gary Lydiate highlighted how the group operates in a global market and services customers either directly or through licence agreements in more than 50 countries. The group has a wide range of customers with no individual customer accounting for a significant proportion of the entire business. In the report Mr Lydiate said: “Kilfrost has entered its 92nd year as a chemical company. Its legacy in Aircraft De-icing Fluids (ADF) is the foundation which all new products are based on. As such it continues to lead the way in product development. Its Speciality Fluids (SFD) continues to make inroads into the market. “The past 12 months were noted for an average winter. This meant lower, than average, use of ADF. At the same time the cost of our major raw material (MPG) remained constant. However, due our contractual pricing mechanisms we remained profitable. In SFD we continued to make further inroads into Scandinavia which is becoming a core market. For the USA we continue to move ahead but further work needs to be done on sales and marketing. “The market for our ADF products is highly seasonal and significantly variable, depending on weather conditions. We aim to mitigate this risk going forward through furthering the development and growth in our Speciality Fluids Division.

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Somerset manufacturer strikes deal for Welsh tech firm with large diamond-turning facility

2025-04-22 10:17:23

A Somerset components manufacturer has acquired a Welsh technology business with one of the largest diamond-turning facilities in Europe. AIM-listed Gooch & Housego (G&H) said the £6.75m deal for Denbighshire-based Phoenix Optical Technologies would extend its capabilities in the aerospace and defence markets in the UK and Europe. The North Wales company produces tech used in applications including radar, lasers, night vision equipment and telescopes. The firm has on-site capabilities for the moulding and annealing of glass and supplies sectors including defence, space and research from its base in St. Asaph. Under the terms of the deal, ownership of Phoenix will transfer to Ilminister-headquartered G&H, which has offices around the world including in Plymouth and Torquay in the UK. G&H has paid an initial cash consideration of £3.4m for the Welsh business, funded from existing resources. A further £3.35m will be payable based on Phoenix’s performance in the three years ending June 30, 2027. Charlie Peppiatt, chief executive of G&H, said: "I am delighted to welcome Phoenix to the G&H Group. Phoenix is a highly capable, well-regarded UK precision optics supplier with a strong portfolio of products and services. "Together we will be able to better serve our customers’ most complex optical systems requirements. The combination of the Phoenix and G&H teams brings together industry leading technology and know-how with efficient scalable operations that will support G&H to deliver an exceptional customer experience and accelerate our journey towards sustainable margin growth.” Tony Palframan, founder and chief executive at Phoenix Optical Technologies, said: “We are excited to join forces with G&H, a company that shares our commitment to precision, quality, and innovation. “By combining our expertise with G&H’s global scale and reach, we see tremendous opportunities to further develop our offerings and bring even more value to our customers." FRP's Manchester-based corporate finance team advised Phoenix on the deal. FRP’s team was led by partner Adrian Gare, director Alex Starling, and manager Amy Murphy.

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Yorkshire electric bus importer brings hundreds of vehicles to UK with £93.5m funding package

2025-04-30 17:29:41

Electric bus and coach firm Pelican Engineering Group has secured an extended £93.5m funding package that is allowing it to supply hundreds of Chinese vehicles into the UK. The Castleford-based commercial vehicle specialist has extended its Green Loan and Sustainable Trade Instrument Facility from HSBC, having previously borrowed £60m in 2022. It has allowed Pelican Bus and Coach - part of the wider group - to import up to 600 battery electric, zero emission buses from Chinese manufacturer Yutong, to UK bus operators. Pelican is the sole UK and Ireland importer and distributor for Zhengzhou Yutong Bus, based in China's central Henan province, which is reported to be the world's largest electric bus maker. The latest order - which will take Yutong buses operating in the UK to nearly 1,000 - includes fully electric single deck E10 and E12 buses, more than one hundred GTe14 long range electric intercity coaches, 123 electric U11DD double deckers and electric wide body airside buses. Pelican-supplied Yutong buses are in operation on routes in Newcastle, Stockton, Leeds, Chesterfield, Glasgow, Aberdeen, Inverness, Edinburgh, Carmarthen, Cardiff, Leicester and Newport. Richard Crump, managing director at Pelican Bus and Coach, said: "HSBC UK has shared our vision and commitment to putting more electric buses into service across the UK since they funded our very first electric bus in 2017. With this Green Loan and Sustainable Trade Instrument Facility extension, we can continue to support the transition to zero-emission public transport and we look forward to seeing these new buses serve communities nationwide. "We are proud of our long-standing relationships with both HSBC UK and Yutong and are excited to see these zero-emission buses on the road. Our relationship with HSBC UK dates back to when my grandfather opened a business account, and I would like to thank the bank for its unwavering long-term support for our business."

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Profit plunge at IG Design amid challenges, yet firm eyes second-half rebound

2025-04-27 03:01:49

IG Design, the world's largest producer of greeting cards, wrapping paper and gift bags, has seen a significant cut in its profit. However, the company is now generating cash and anticipates a recovery in the second half of the year. As predicted, group revenue dropped by 11 per cent in the six months leading up to September, resulting in an adjusted profit decrease of 62 per cent in the first half compared to the same period last year, as per a post-close trading update, as reported by City AM. However, as of 30 September, 2024, IG Design was in a stronger cash position than the previous year, with net cash of $7.4m (£5.7m), compared to a net debt of $15.1m after the first half of 2023. The London-listed firm, which also specialises in Christmas crackers, expects an improvement in profit in the second half of the year as it embarks on a "business simplification, efficiency and cost-saving initiatives" drive. This year, the company has closed a Chinese manufacturing facility and carried out a significant restructuring within its Americas business to reduce costs. Earlier this year, it attributed a loss in revenue to underperformance in the Americas and "continuing softness" in demand in the UK and Australia. The company stated that it believes its trading results for the full year 2025 remain in line with its expectations, which were downgraded last month, causing a hit to the stock price. However, brokerage Panmure Liberum said today that the shares are trading at a "crazy low" price and rated IG Design a 'buy'.

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Tyneside engineers Houghton International chalks up record revenues ahead of US acquisition

2025-05-04 09:31:30

A Tyneside engineering group recently acquired by a US company saw record turnover during its last year in family ownership, accounts reveal. New accounts for Newcastle-based Houghton International, which cover the year up to January 31, show that it saw turnover rise from £10.3m to £12.5m. Operating profit went up from £829,000 to £1.3m. The electro mechanical engineering firm was founded in 1984 by Ron and Christine Mitten and was being run by their son Michael until a deal in May saw it being acquired by South Carolina-based IPS (Integrated Power Services). The company last week filed confirmation to Companies House that it is changing its filing name to IPS Newcastle Ltd. IPS is a leader in the servicing, engineering, and remanufacturing of electrical, mechanical, and power management assets in North America, and bosses said the deal marked the firm’s entry into new markets in the UK, Europe and the Middle East. The accounts say: “The year ended January 31, 2024, has seen the company emerge from a period of transition against a backdrop of political instability and structural change to record its highest-ever results for turnover and profit before tax. Revenue increased by over 21%, profitability was maintained and activity increased across all operating units and industry sectors. “We continue to invest heavily in employee training, apprenticeships and development, and expect to secure further growth in the coming year, particularly within the renewable energy and water sectors.” The company has been based at Parsons Works on Shields Road since 2020 after a move that brought together all parts of its operations. A note in the accounts says: “The company aims to grow significantly and beyond as part of a larger group, while improving profitability”. Houghton said it expected to increase its production capabilities through investment in equipment, which would lead to increasing headcount. Its growth would be achieved both by taking in new geographies as well as expanding the services it provides in new and current sectors. The company operates principally in the maintenance and repair of electro-mechanical rotating machines, and the design and manufacture of high voltage coils and insulation systems.

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£5m boost for manufacturing tech firm Partful as it aims for US expansion

2025-04-29 19:27:59

Manufacturing technology firm Partful has secured £5m in funding that it says will help it continue its growth and to recruit more staff. The investment round into Manchester’s Partful has been led by Northern Gritstone, with participation from Par Equity and US-based Blumberg Capital. Partful has developed a manufacturing aftersales technology software solution for manufacturers. The platform gives customers access to interactive 3D models that open out to reveal each product’s individual components – making it easier for customers of original equipment manufacturers (OEMs) to identify and order the components they need, and access the work instructions needed to fit them. Partful says the aftermarket sector is worth some $640bn, and says the latest investment will "accelerate" its growth. It says its software can help OEMs save time and money, and “makes it possible to create a 3D parts catalog in hours, rather than weeks”. Since its initial seed funding round in January 2022, Partful has secured total investment of £11.2m. Its customers include Maeving, Lear, Kolpak, Triangle Tube & Ideal Heating and Allett Mowers. Sam Burgess, CEO and co-founder of Partful said: ‘‘Developing the next iteration of our platform is an important step in helping OEMs to overcome these challenges. Having the backing of Northern Gritstone, Par Equity and Blumberg Capital is vital and we are thrilled to have their support as we help OEMs support customers, eradicate costly order errors and maximise revenues.’’ Duncan Johnson, CEO of Northern Gritstone, said of Partful: “This growing Manchester-based tech company has already won large OEM customers thanks to its technology and is set to create more jobs in its North of England team.” Tom Croy, investment director at Par Equity, said: "Manchester is a key hub for innovation and an area where Par Equity continues to expand its presence, so we’re thrilled to partner once again with Northern Gritstone to support this Manchester-based business. Having initially invested in 2021, with a follow-on in 2023, we remain committed to backing Partful as they continue to lead the way in aftersales technology. With the launch of Partful 2.0, we’re excited to see its growing impact across the market in years to come." Stanton Green, senior director at Blumberg Capital, said: “After sales is a multi-billion dollar global marketplace experiencing a digital evolution and we believe Partful is at the forefront of that transition. The Partful team has delivered real business value to OEMs. Our continued support emphasises the tremendous expansion opportunities ahead, especially in the US which is core to our goal of broader international adoption and innovation."

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Manufacturers expect costs to soar after Budget as confidence falls 

2025-04-29 17:41:14

North West manufacturers saw their confidence slump after the Budget as they fear another increase in costs, a new survey has shown. The Manufacturing Outlook Q4 survey from manufacturing group Make UK and business advisory firm BDO shows confidence fell to its lowest level in a year, with a balance of -6% – meaning more companies were downbeat about the future than were positive. Meanwhile recruitment intentions took a downturn, while investment by North West companies was flat. Asked about orders for the last three months, local companies were still positive – but the balance stood at just +6%, which MakeUK says was a significant fall on the previous quarter. This contrasts with the previous survey, when almost six in ten companies (58%) saw a brighter economic outlook under a new Government. Business confidence among manufacturers was also at its highest level in a decade. The latest research showed 70% of North West manufacturers had seen their costs rise by up to a fifth in the last year, while almost one in ten (8%) had seen their costs rise by up to a half. The survey showed 86% of companies expected their business costs to rise due to the Make Work Pay reforms, with 44% saying the increase will be ‘significant’. Following the Budget, Make UK has cut its growth forecasts. It expects manufacturing to contract by -0.2% this year and to grow by just 0.7% in 2025. The organisation is now calling on the Government to look at ways of offsetting rising costs, including reforms to business rates. Dawn Huntrod, region director at Make UK in the North, said: “Having faced a cost creep for most of the year, manufacturers in the North West are now facing a cost crisis which has brought a sharp dip in their confidence. “While overall conditions had begun to gradually improve during the year, the Budget has brought this to a shuddering halt, with the substantial increase in National Insurance Contributions potentially the straw that might break the camel’s back for some. There is now an urgent need for Government to look at other measures which might mitigate the impact of the rocketing costs that businesses are now facing.” Graham Ellis, head of manufacturing at BDO in the North West, said: “While manufacturers across the North West have welcomed the Government’s Industrial Strategy green paper, optimism across the region is declining, driven by increased input costs and the implications of the latest Budget on employment costs. “Increasing investment in improving productivity is vital now more than ever to maintain stability and offer opportunities for growth across the North West and the wider sector.”

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New defence strategy will bring 'good jobs' to Merseyside, says Labour minister

2025-04-30 22:37:47

Defence Minister Maria Eagle has committed to creating "good jobs in places like Merseyside" as part of the government's latest defence industrial strategy. Speaking aboard the HMS Prince of Wales aircraft carrier, she said: "One of the things we want to focus on is building what we can in Britain – so focusing our investment in firms that build kit in Britain." "That will have the benefit of boosting our economy in this region and in other regions where the defence industry can be stronger as a result." Ms Eagle, who oversees defence procurement and industry, told the Liverpool Echo: "Most of the jobs in defence industries are outside London and the south east and so we can see some regional and national prosperity being brought." She emphasised that "improving, strengthening and deepening defence industries" could "bring jobs – and good jobs – to places like Merseyside and all around the nations and regions." The minister also expressed pride at the arrival of the ship in Liverpool, describing it as a "proud moment for the people of Merseyside". She praised the vessel, saying: "It's a magnificent piece of equipment and it's great to see it here in Liverpool." As the aircraft carrier gears up for its 2025 deployment to the Indo-Pacific, Ms Eagle used the occasion to underscore the global security challenges the UK aims to address through such missions, and emphasized that it was "essential" for Britain to continue its support for Ukraine. She stated: "There's instability in the Middle East, there's threats in the Indo-Pacific and we need to be able to make sure that our defence capability can ensure our contribution to NATO deals with those threats rather than threats we've had in the past. In the last few years we've seen an increasing and changing threat picture which the defence of the nation has to respond to." The minister confirmed the Labour government's commitment to allocating 2.5% of Britain's GDP to defence spending. "Despite this year's budget being tough," she said, "defence actually got an extra £2.9 billion to spend over the next year." She appeared unfazed by the prospect of Donald Trump's tenure in the White House, commenting: "We have to make sure that whatever the US policy is on anything – that we're able to deal with it. We're traditionally a very close ally of the US, there's no reason why that should change and obviously the issue with Trump is nobody quite knows what he's going to do, but we're very strong allies."

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Boost for Nissan jobs as Business Secretary to announce consultation on electric vehicle targets

2025-04-22 15:50:29

The Government is set to bow to pressure from car manufacturers including Nissan over the country's transition to electric vehicles, reports suggest. Last week a senior Nissan executive warned that thousands of jobs and billions of pounds of investment at the company's Sunderland plant could be at risk unless urgent action ws taken to change the Zero Emissions Vehicles (ZEV) Mandate. The manufacturer was among others to have last week met with Business Secretary Jonathan Reynolds and Transport Secretary Louise Haigh to call for changes to the regulations which require at least 22% of vehicles sold by each brand this year to be zero-emission, rising to 80% by 2030. Manufacturers have repeatedly warned the model is undermining business cases in UK factories. Nissan said the targets were "outdated" - a comment which came only weeks after it announced 9,000 job cuts globally on the back of poor sales. It has not said whether its North East operation would be impacted in those cuts. Now, Mr Reynolds is expected to announce a consultation on easing the ZEV rules, which will be launched in the coming weeks. At the moment, failure to abide by the mandate - or make use of flexibilities - such as buying credits from rival companies or making more sales in future years - will result in a requirement to pay the Government £15,000 per polluting car sold above the limits. At a speech to the Society of Motor Manufacturers and Traders in London, Mr Reynolds will introduce the consultation, which is not expected to propose changes to the ZEV's percentages but will include amendments to the options for non-compliant manufacturers to avoid fines. The Prime Minister's official spokesman said: "We do recognise the global challenges the industry are facing, which is why ministers have been getting around the table with key industry figures to discuss how we can ensure the transition delivers for them and the future of UK auto manufacturing. We'll bring forward a consultation on our proposals in this space in due course and how we implement the 2030 transition deadline and ensure that voices and insights from the industry are heard every step of the way." Dan Caesar, chief executive of campaign group EVUK, said: "The switch to electric vehicles is creating jobs now and this will increase significantly in the immediate future, and open up opportunities for the UK. The Zev mandate is world-leading legislation that will put the UK firmly on the map with green tech investors and send a clear signal that the country means business when it comes to the global energy transition. "Clean air and sustainable employment are surely the legacy we all want, and the existing zero-emission mechanisms are critical." Quentin Willson, founder of pro-EV group FairCharge, said: "Ministers should not dilute the UK's EV ambitions. Long-term government policy has made us the second-most successful EV market in Europe - an advantage we should strengthen, not weaken. Our Zev mandate targets are world-leading. Don't let the intense lobbying from legacy auto ruin them."

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Gestamp Tallent stems losses at North East operation as supply challenges ease

2025-04-27 06:23:54

Losses at the North East operation of car parts maker Gestamp Tallent have narrowed thanks to recovery in the supply of semiconductor chips. The Newton Aycliffe-based factory, which specialises in producing welded assemblies, saw turnover rise to £496.9m in 2023, up from £390.1m the year before. Operating losses were curtailed from £26m in 2022 to just more than £8m. Meanwhile headcount at the County Durham plant was down at 1,770, compared with 1,817 in 2022. Bosses say reduced administration costs and no fixed assets impairment charge helped the improved performance, which follow the wider Spanish-owned group reporting a 14.4% growth in revenue to €12.27bn (£10.2bn) - a performance described by executive chairman Francisco J. Riberas as another record year. Writing in the UK accounts, Mr Riberas said Gestamp had been boosted by a 10% increase in the number of new vehicle sales in the global automotive market across 2023. That came thanks to easing of supply chain challenges that have impacted the sector in the wake of the war in Ukraine. He said sales were expected to grow at a slower rate in 2024 as Gestamp customers see demand dip "due to sustained higher interest rates and inflationary pressures on household budgets." Documents filed at Companies House show the company continued to make investments - in both project and strategic fixed asset - worth about £12.05m. They said: "Such investments are always largely dependent on new project introduction and activity in this area can vary year on year depending on the number of new vehicle programs. The strategic asset investment will provide the business with new efficient and up to date technologies capable of providing service for many years to come." In the summer, Gestamp provided group-wide, half year results showing revenue was down slightly at €6.1bn, compared with €6.2bn in the same period of 2023. Despite the dip it said profitability had improved and that it was outperforming the market. At the time of those results, Mr Ribera said: “The second quarter has confirmed the foreseeable slowdown in the vehicle production market for 2024 and the volatility in the transition to electric vehicles. In view of this scenario, we have a well-defined strategy that we have been implementing and that will allow us to maintain our competitive advantage.

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Imperial Brands hikes shareholder returns for 2025

2025-05-03 21:41:12

Bristol-headquartered tobacco giant Imperial Brands has increased shareholder returns on the back of new product growth and a reduction in debt. The FTSE-100 company, which is based on Winterstoke Road and is behind brands including Davidoff and Golden Virginia, said trading was in line with expectations. Imperial told investors on Tuesday that capital returns to stakeholders for the financial year ending 2025 would rise to around £2.8bn, including a share buyback of £1.25bn - an increase of 13.6%. It also said there would be a cash dividend of around £1.5bn payable next year as part of a move to four equal quarterly dividend payments in the future. The annual dividend for 2024 rose by 4.5% to 153.43 pence per share. “We are pleased to report another year of operational and financial delivery against our five-year strategy to transform the business,” Imperial said. “At constant currency, we are on track to deliver in line with our full-year guidance with an acceleration in tobacco and next generation product (NGP) net revenue growth vs last year.” Imperial said constant currency tobacco and NGP net revenue growth had “strengthened” over the same period last year due to strong pricing. NGP revenue is expected to grow 20%-30% at constant currency rates. The business also said it had made gains in the US, Spain and Australia, broadly offsetting declines in Germany and the UK. “Our results this year have benefited from the launch of innovative products with new formats under the blu brand, new iSenzia non-tobacco heat sticks and new flavours in the modern oral segment,” the firm said. “Our entry in the US oral nicotine category with the launch of the Zone range of pouches has been well received and supported a stronger NGP performance in our US business.” Derren Nathan, head of equity research at Hargreaves Lansdown, said Imperial’s "narrowed focus" on core markets was helping it keep organic growth moving when larger rivals have been going in reverse. “Imperial Brands is managing to drive growth not only in its fledgling next generation brands, but also in ‘legacy’ tobacco products which still make up the lion’s share of the business," he said. In aggregate, tobacco volume pressures have eased across the company’s focus markets, and despite slowing price hikes for the pleasure of lighting up, pricing has been strong."

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100 jobs lost as Gateshead's Virtuoso Doors falls into administration

2025-05-17 13:18:36

Jobs have been lost amid the collapse of a £23m turnover door manufacturer with its factory in Gateshead. Virtuoso Doors, which specialised in making composite doors for the residential market from its 120,000 sqft facility, had been part of the Customade Group which included Norwich-based Polyframe, Gloucestershire-based Customade Limited and Stevenswood Limited. Administrators were called into the group following losses in recent years, with two separate deals subsequently saving four of the group's five businesses and 500 jobs in the process. But Follingsby Park-based Virtuoso was not among the transactions and is now being wound up with the loss of 101 jobs. Will Gold, CEO of Customade Group, said the group had been under significant financial strain in recent years, as demonstrated by group level accounts which show operating of losses of more than £13m in 2022. Customade had fallen into administration in 2020 before being acquired by investors in a move that had saved about 900 jobs. Mr Gold said: "Over the past two years, the market for our products has been contracting, and we’ve witnessed numerous businesses within our sector struggle and ultimately go into insolvency. Our goal throughout the process was to secure the trading future of as much of the group’s previous operations as we could and thereby protect the jobs of as many of our employees as possible." He added: "I am pleased that through these transactions we have been able to secure so many jobs going forwards, but I am deeply disappointed that we were unable to find a solution that preserved the Virtuoso business and avoided the other staff redundancies. I am hugely grateful to all our staff that worked so hard and showed such commitment during a very difficult period and for the support of our supply chain partners and valued customers." Most recent accounts for Virtuoso, covering 2022, show it made an operating profit of £1.19m on turnover of £23.7m. Pre-tax profits in the same period fell from £3.2m to about £883,000 - a performance that directors said was disappointing but that steps were being taken to reduce the company's costs and improve its operational structure. A spokesperson for joint administrators Alvarez & Marsal said: "On December, 18, Rob Croxen and Mark Firmin of global professional services firm Alvarez & Marsal were appointed as joint administrators over Customade Group Services Limited and its subsidiaries; Polyframe Limited, Customade Limited, Stevenswood Limited and Virtuoso Doors Limited.

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Manufacturing recovery set to fade as costs and budget fears hit sentiment

2025-05-09 23:11:13

The manufacturing sector's recovery appears to be losing momentum, according to a key survey, as rising costs and concerns about the upcoming budget dampen business sentiment. The S&P purchasing managers' index (PMI) for manufacturing revealed a significant decline in optimism about the year ahead, with confidence plummeting to a nine-month low in September, as reported by City AM. This marked the second-largest drop in confidence on record, surpassed only by the decline in March 2020, just prior to the Covid lockdown. Several factors contributed to the decline in business confidence, including uncertainty about potential changes in government policy in the upcoming budget. According to Rob Dobson, director at S&P Global Market Intelligence, "Uncertainty about the direction of government policy ahead of the coming Autumn Budget was a clear cause of the loss of confidence, especially given recent gloomy messaging." The S&P survey aligns with other recent surveys indicating deteriorating business confidence in the lead-up to the budget. Additionally, firms faced the fastest increase in input prices since January 2023, primarily due to higher freight costs. The survey attributed this, in part, to the rerouting of supply chains away from the Red Sea, which also resulted in longer lead times from suppliers for the ninth consecutive month. Dobson noted that the increase in price pressures served as a "reminder that the inflation genie is not yet back in the bottle". The survey indicated that due to a dip in confidence, companies have scaled back on recruitment and curtailed their purchasing activities. However, despite the drop in confidence, the survey highlighted that output continued to grow for the fifth straight month in September, remaining in expansionary territory. According to S&P, the PMI was recorded at 51.5, consistent with the preliminary 'flash' estimate and slightly down from August's 26-month peak of 52.5. A reading above 50 signals growth. The uptick was attributed to robust domestic demand, even as international business declined for the 32nd month in a row. The survey noted that demand remained subdued in France, Germany, and the US. "The main drivers of the latest expansion were the consumer and intermediate goods sectors, both of which registered stronger increases in output and new business," stated the survey.

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Tarmac sheds jobs as turnover at building materials giant hits £2bn

2025-04-25 08:01:30

Tarmac, the building materials group, has reported a turnover of £2bn during its latest financial year, marking an increase from the previous year's £1.99bn. The Solihull-based company also saw a significant rise in pre-tax profit, climbing from £125.9m to £168.1m, according to accounts recently filed with Companies House, as reported by City AM. Despite this financial upturn, Tarmac experienced a reduction in workforce numbers, dropping from 2,782 to 2,621 employees over the year, which led to nearly £5m in redundancy costs. In light of its stronger financial performance, the firm reduced its interim dividend from £230m down to £127m. Owned by Dublin-headquartered CRH plc, an international conglomerate of diversified building materials businesses, Tarmac's origins date back to 1903, although it was established in its current form in March 2013 following the merger of Anglo American's Tarmac UK and Lafarge's UK operations. The company enjoyed a £141m boost, as stated by the board: "The improved performance can be predominantly attributed to the £141m dividends received in the year." The statement further noted: "Underlying market conditions were relatively stable in 2023 albeit with variable levels of growth seen across the industry, with expansion in the infrastructure sector offset by a marked decline in residential." The company noted: "Cost inflation continued to be a factor during the period, albeit at lower levels to what has been experienced during 2022." They added that the effect of this had been offset by an optimisation program which delivered "The company has mitigated the impacted of this through an optimisation programme delivering benefits through commercial, operational and logistics excellence." For the same financial year, building materials giant CRH plc reported revenues of $34.9bn (£26.8bn), a seven per cent increase. Chief executive Albert Manifold commented on the results: "2023 marked another record year of financial delivery for CRH, supported by good underlying demand across our key end-use markets, further pricing progress and the continued benefits of our differentiated, customer-focused strategy."

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Nissan's '12-14 months to survive' amid search for investors, reports suggest

2025-05-20 11:04:22

Bosses at automotive giant Nissan have warned the company has '12-14 months' to survive unless a new investor is found, new reports suggest. Amid a sales slump, Nissan recently announced plans to shed 9,000 jobs globally with the impact on its North East plant unclear. The car brand has been facing poor sales in China and the US and is reported to be looking for a long-term investor following Renault's decision to sell some of its shareholding in the Japanese brand. One unnamed Nissan executive told the Financial Times: "we have 12 or 14 months to survive". The source added: “This is going to be tough. And in the end, we need Japan and the US to be generating cash." The report indicates that Nissan is seeking a long-term shareholder such as a bank or insurance group to underpin its finances. It comes amid a period of turmoil for Nissan, which has sought to restructure by reducing production by 20% and cutting around 6.5% of its workforce. The firm also plans to sell up to 10% of its stake in Mitsubishi Motors to raise up to 68.6bn yen (£342m). It hopes the measures can save up to £1.5bn (300bn yen). Personnel at Nissan's Sunderland plant - where it employs 6,000 people and has announced around £3bn of investment into electric vehicle production - declined to comment on the reports. Earlier this month Nissan described its financial situation as "severe" and said urgent turnaround measures were needed to create "a leaner, more resilient business”. In first half 2024 results it said operating profit plummeted by £1.59bn (303.8bn yen) to £172m (32.9bn yen). The company has revised down its forecast for the financial year and its global CEO has volunteered to halve his salary. The firm said global sales volumes had fallen and that its profitability had been hit by higher selling expenses, particularly in the US where it has had to offer discounts in a bid to boost waning sales. The latest warnings to emerge from Nissan come as the firm has been among UK manufacturers lobbying the Government to reconsider electric vehicle sales targets intended to ramp up the country's transition to zero emission motoring. Last night, at a dinner held by the key industry body the Society of Motor Manufacturers and Traders, the Business Secretary Jonathan Reynolds announced a "fast-track" consultation on the Zero Emission Vehicle Mandate - which requires at least 22% of vehicles sold by each brand this year to be zero-emission, rising to 80% by 2030. The consultation is not expected to result in changes to the Zev mandate's percentages, but could include amendments to the options for how manufacturers who miss their targets can avoid being fined. Mr Reynolds told manufacturers he was "profoundly concerned" about how policies meant to phase out new petrol and diesel vehicles by 2030 were operating, and would consult on "a better way forward" while still keeping the target.

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40 new Tyneside jobs created as Curtis Instruments launches new base

2025-05-05 03:15:39

An American tech firm is creating more than 40 skilled jobs in the North East through the launch of a new research and development hub. Curtis Instruments, a New York-based off-highway electric vehicle technology business, has operations around the globe including a manufacturing plant in Northampton. The company, established in 1960, designs and manufactures instrumentation for all manner of electric vehicles, including industrial vehicles such as sweepers, golf carts, wheelchairs and scooters, as well as ground support vehicles for airports. Now the business has picked South Tyneside to be the location for its newest R&D hub, which is also its fifth innovation centre worldwide. The company has officially opened the Stuart E. Marwell Engineering Centre, which is named after the company’s president and CEO, who has led the organisation for the last 40 years. The new centre is based in the 33,000 sq ft former Siemens building in Hebburn, South Tyneside, joining the firm’s other global innovation centres in California, New York, Switzerland, and China. Initially, it will be home to 40 skilled engineers, but the firm said it has plans to create many more roles in the coming years. Howard Slater, director of engineering at Curtis Instruments UK, said: “I am immensely proud that Curtis Instruments UK has been chosen to establish the company’s fifth global R&D hub. Since joining in 2019 to set up the UK engineering team, we’ve grown year-on-year while working from multiple sites. This dedicated R&D facility allows us to bring our team together under one roof, boosting productivity and ensuring our role in advancing the EV technologies of the future.” The company said it selected South Tyneside for its skilled workforce, excellent transport links, and proximity to five top-tier universities. Mr Slater added: “The North East of England already boasts a robust cluster of advanced engineering firms pioneering electric vehicle technology. This provides access to skilled professionals and established supply chains. The location also supports our ability to attract top talent, drawing from graduates from universities like Newcastle, Durham, Northumbria, Sunderland, and Teesside. The high quality of life and excellent transport infrastructure make South Tyneside the perfect choice for this significant investment.”

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Port Talbot welding skills academy look to retrain hundreds of former steelworkers

2025-05-07 09:13:56

A Port Talbot welding skills academy is aiming to retrain hundreds of former Tata steelworks and provide the platform to eventually create up to 100 new jobs. UKSE Steel Enterprise has provided a six-figure loan to engineering contractor JES to significantly increasing the capacity of its training centre. The firm has been a key contractor to the Tata’s steelworks in Port Talbot where nearly 2,000 jobs have been lost after the ending of blast furnace steelmaking. Tata is investing in a new electric arc furnace that will make steel from scrap and will open in three years time as part of a £1.2bn investment, which includes £500m in funding from the UK Government. Read More: Renewables sector criticise Welsh Government over planning decision delays Read More : The latest equity and acquisition deals in Wales The JES skills academy plans to eventually have 80 training bays where fabrication, welding and pipework will be taught offering new career paths to people leaving the steelworks and to others who want to follow this career. The company is expanding its centre, and over the next year has made a commitment to offer training to up to 300 former Tata workers, as well as a range of other candidate to set them on fresh career paths. In the longer term, the firm is aiming to diversify into new markets including oil and gas, petrochemical, renewables and nuclear energy and expand creating between 50 to 100 skilled and semi-skilled jobs based around the workforce trained at the skills academy. The academy, launched last year to support JES apprentices, has secured backing from the the UK Shared Prosperity Fund. Head of the academy, Sam Owen. “Our professional team of tutors will operate a range of courses for which we leverage all possible funding support from government and other agencies. “We are not just about training, but about enabling people to step into work when they leave us.” JES director Justin Johnson said that demand for welding and associated skills was extremely high across the UK. He added: "Research by the Engineering and Construction Industry Training Board (ECITB) demonstrates a UK-wide shortage in this area and demand will almost certainly increase in years to come. “Locally, the new Celtic Freeport in Port Talbot is planned to be a source of jobs fabricating on and offshore wind turbines and other structures in the drive towards energy efficiency and net zero.” The need to bring younger people into the fabrication sector has been highlighted by ECITB research, which shows that 40% of the workforce is over the age of 50. Mr Johnson said: “This is very concerning and underlines the need for training, so that knowledge is passed onto a new generation.” On the funding from UKSE Mr Johnson said: “The investment will be the platform to expand and we are hoping to add between 50 to 100 roles in years to come as we diversify and develop. This investment by UKSE is a major boost for us and we are very appreciative of their confidence in us by supporting the academy in the way they are.” UKSE makes strategic investments in Welsh and UK companies which show the potential to grow and create jobs and prosperity. It provides loan and equity packages up to £1 million and UKSE estimates it has supported 83,000 jobs around the UK since it was established 50 years ago. Howard Thompson, regional executive for UKSE in Wales said the need to build a quality, skilled supply chain was paramount. He added: “There is a UK wide shortage of welders. Almost every document published in connection with economic need and strategic economic planning by the Welsh Government and by local authorities across South Wales, highlights the skills shortage in welding and fabrication as an area of concern worthy of attention and investment. “Welding is set to be one of energy transitions most prized skills and we are delighted to be supporting JES in their journey and wish them every success.”

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Ford UK calls for urgent government incentives to boost electric vehicle sales

2025-05-13 11:18:31

Ford UK's managing director is insisting on government-backed incentives to escalate electric vehicle (EV) adoption, or the UK risks failing its net zero ambitions. Lisa Brankin, addressing the issue following the government's announcement of a consultation over EV sales targets for car manufacturers, acknowledged the development as a positive step but stressed the need for rapid action, as reported by City AM. "The first thing I would say is that the government has listened," Brankin expressed on BBC’s Today programme. "We have been talking to them since they came into power about our concerns around the [zero emissions vehicle mandate]..." She emphasised, "I think the really important thing is that the consultation is fast and that the government acts quickly as a result of it." Further, she added that incentives are critical: "And the one thing we really need is government-backed incentives to urgently boost the uptake of EVs. Because without demand, the mandate just doesn’t work." The urgent call from Ford UK comes hot on the heels of the alarming news from Stellantis—the closure of its flagship UK factory in Luton, endangering over 1,100 jobs. The Dutch group behind automotive brands such as Peugeot and Alfa Romeo acted on prior warnings that British production could cease if demand for EVs didn't climb. Meanwhile, Business Secretary Jonathan Reynolds conveyed at an industry dinner last night that the consultation on the zero emissions vehicle mandate will soon be in motion. The policy, rolled out earlier this year by the preceding administration, mandates that 22 per cent of car sales and 10 per cent of van sales from automakers must be electric vehicles (EVs), or they will incur substantial penalties. Brankin emphasised the "really urgent" need for government incentives to boost EV interest.

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Jobs lost as Grimsby seafood firm Arctic Fish Products goes into administration

2025-05-07 05:47:03

Jobs have been lost amid the closure of a Grimsby fish processing company which had been trading for nearly 20 years. Administrators were called in to Arctic Fish Products Limited following what was described as a sudden loss of turnover. The Humber Street Fish Docks-based firm has ceased trading with all staff made redundant. Latest accounts for the business show it had employed 14 people. Insolvency specialists from RSM UK said the firm - which specialised in processing, packing and storing fish - had experienced significant cash flow difficulties due to bad debts with key customers. The challenges were said to have weighed on future trading prospects leading directors to see the help of RSM UK's team. The administrators said Artic Fish's cash flow situation was irrecoverable and the company was closed shortly before their appointment. Partial accounts covering the year to the end of May 2024 show the business had liabilities of more than £459,000. Jamie Miller, RSM UK restructuring advisory partner and joint administrator, said: “It’s a very unfortunate time for the business and its employees but the recent sudden loss of turnover left the company with no option other than to effect an insolvency process. We are assisting employees to ensure that they recover their entitlements in respect of any arrears of salary, holiday pay, pay in lieu of notice and redundancy. "We are also working closely with the directors and other stakeholders in order to realise the company’s assets for the maximum amount possible. This includes the company’s desirable trading premises and plant and machinery, with interested parties advised to make contact with us as soon as possible. We are hopeful of securing a material return to the company’s creditors."

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Newport-based Premier Forest Products boosted with new acquisition

2025-04-26 15:57:24

Leading UK timber specialist Premier Forest Products has acquired Bitus UK from Swedish company, Bergs Timber. Bitus UK - formerly known in the trade as Continental Wood Products (CWP) - is an importer and bulk distributor of timber, panels and garden products. Newport-based Premier Forest will take on the operation of Bitus UK’s warehousing and distribution activities at the Baltic Distribution port side facility based in Creeksea, Essex. Premier Forest has also taken on the Bitus UK sales office in Cirencester, where all members of staff have been retained. The value of the deal has not been disclosed. Nigel McKillop, chief executive Bitus UK, will join Premier Forest Products as commercial director, specialising in softwood and the furniture sector. He said: “The Bitus UK team are delighted to be joining the Premier Forest family. Being a part of such an established and well-respected company provides the platform for us to strengthen, grow and develop a much wider product range to our customers from our Creeksea distribution hub.” Terry Edgell, chief executive and co-founder of Premier Forest Products, said: “We’re very happy to welcome Bitus UK to the Premier Forest group. The strategic dockside location of the site will enable us to improve operational efficiency by providing a more direct route to our customer base. We plan to expand the range of products distributed from Creeksea to include our whole portfolio, which includes the full range of softwoods, hardwoods and sheet materials, in order to create a one-stop-timber-shop for our customers. “Acquisitions are a key part of Premier Forest’s strategic growth plan, and we are continually seeking new opportunities to welcome businesses like Bitus UK to our Group.” The operational activities of the Premier Forest Products Langley site are re-locating to Creeksea in Essex, to take advantage of the logistical efficiencies of the port-side distribution facility. The deal was structured and completed with the support of Acuity Law providing legal advice, and Gambit Corporate Finance offered counsel during the acquisition process.

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More than 400 jobs lost as metalwork operation collapses only months after rescue

2025-05-17 20:06:59

A metalwork firm that employed hundreds of people in the North East, Midlands and South East has collapsed only months after it was rescued in a pre-pack administration deal. In September, Fablink Group was acquired in a near £3m deal by investors Praetura Commercial Finance and TDC Impact Limited, which backed director Richard Westley in a new venture called Wharfside Industrials. Administrators at the time hoped a string of pre-pack deals involving eight group subsidiaries had safeguarded the future of the business, which specialised in metal pressings, cab assemblies and fuel tanks, and operated from bases in County Durham and Wolverhampton, Luton and Northamptonshire. But in the intervening months the business lost contracts with several key customers and now administrators from EY have been appointed. The majority of the group's 427 staff, including around 200 in County Durham, have been made redundant while joint administrators Lucy Winterborne and Dan Hurd explore a sale of certain parts of the group and its assets. September's collapse of the group came in the wake of a problematic few years for Fablink in which £5m Government grant funding for the relocation of its Wolverhampton site is said to have failed to materialise. It also suffered a £1.5m bad debt following the insolvency of an electric vehicles customer in 2023. There were also pressures from a quality issue relating to cabs produced for a key customer that resulted in increased production costs and lost sales. Administrators also talked of burdensome costs related to an electric vehicles contract where volumes had been smaller than expected. Early last year, main lender HSBC brought in insolvency and restructuring specialists Interpath to review the firm's short-term cash flow and by March, work was under way to find a buyer and assess restructuring options. Under significant pressure from creditors, only one offer was made, from the buyers Praetura Commercial Finance and TDC Impact. About £1m of the £2.95m offer was still due to be paid in instalments leading up to September 2025. Documents show that at the time of its administration in September, the group owed trade creditors more than £2m. An overall deficit of £14.4m was also reported. A statement from the administrators at EY said: "The group was acquired out of administration in September 2024, but since then it has unfortunately lost the business of certain key customers. The group’s management team has worked tirelessly to find a viable solution to rescue the business, however, the significant loss of business has severely impacted the group’s future viability. As a result, the directors have determined that they have no option other than to place the group into administration.

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Aston Martin raises over £200m as it looks to recover from profit warnings

2025-05-16 11:59:03

Aston Martin has successfully secured over £200m in a bid to strengthen its financial position after issuing two profit warnings within recent months. The Warwickshire-based luxury car manufacturer, which also has a factory in the Vale of Glamorgan, has acquired £111 million through equity financing from investors, alongside £100m from secured notes earmarked for investment into its electric vehicle transition plans, as reported by City AM. This fund-raising move comes on the heels of the company's announcement yesterday that it had dialed down its full-year profit outlook yet again since September, with expectations now set at £280m in 2024, a drop from the previous year's £305.9m.The brand has faced challenges such as decreased demand in China, delivery hold-ups, and the broader market shift towards electric vehicles, leading shares to plummet by over half throughout the last twelve months. In response to its need for capital, Aston Martin will issue the new equity at 100p per share, a 7.3% reduction from the prior day's closing share price of 107.9p, according to the company's statement. This news saw an immediate 4% decline in share value during Wednesday morning trading sessions. The funding initiative is being coordinated jointly by Barclays Bank and Goldman Sachs. Aston Martin's CEO Adrian Hallmark commented on the raise: "We thank our investors, including our strategic investors who continue to show strong support for the company, for their commitments and confidence in Aston Martin." He further added, "With this financing successfully secured, we are now well positioned for growth, underpinned by the strength of our brand and the world-class product portfolio we have brought to market." The manufacturer which has a manufacturing plant in St Athan, South Wales, has been grappling with its sizeable debt since debuting on the London stock market in 2018. The company enjoyed a revival in its share price last year after receiving an injection of capital from significant players including Chinese automotive heavyweight Geely and its billionaire chair, Lawrence Stroll. Yet, this resurgence was short-lived as logistical disruptions thwarted the launch of the much-anticipated DB12 model. Supply chain challenges have continued to buffet the firm's share performance into 2024. In a statement, Stroll remarked: "Aston Martin has made huge strategic progress since the Yew Tree Consortium first invested in the company in 2020, transforming our product offering, revitalising our brand and accelerating our business operations forward."

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Aurrigo International seals £5.25m share placing raise

2025-05-02 18:46:02

A manufacturer of driverless 'dollies', which transport luggage and cargo around airports worldwide, has raised £5.25 million via a new share placing. Aurrigo International will use the fresh round of capital to increase production of its 'Auto-DollyTug'. The Coventry-based company was founded in 1993 by brothers David and Graham Keene and designs and develops airside products for the aviation industry including automated vehicles, systems and software. It has recently deployed its products into multiple new countries, opened a US office and sealed a new deal with Changi Airport in Singapore. This new investment will enable the company to have 22 Auto-Dolly Tugs in operation in 2025 and launch a new partnership with postal and logistics giant UPS. 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. There will also be four news contracts at international airports using its 'Auto-Sim' product. David Keene said: "This is a fantastic raise to finish the year and gives us the perfect platform to roll out our intelligent ground support equipment concept to the aviation world. "We have early-stage engagement with 34 airports and 19 airlines, with eight customers now agreeing to use Auto-Sim. "The investment will ensure we can scale our production capabilities and teams to meet the growing demand for technology that we are now proving in the real world. "Unlike a lot of companies who just talk about the impact of their tech, we are actually delivering and will now need more engineering, software, manufacturing and supply chain staff, not to mention an increase in the number of specialists in our deployment teams. "By adopting smart airside solutions, the industry can reduce turnaround times, improve reliability, and significantly lower its environmental footprint. These are all key priorities for aviation executives around the world "Today's aviation landscape demands that we step up our game. As we move into a new era of airside operations, it is imperative that we harness advanced technologies to improve efficiency, safety, and sustainability.

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Hygiene products firm Essity hails profitable growth across third quarter

2025-04-27 17:03:48

Toilet roll and hygiene products maker Essity says it has boosted profitability despite a dip in sales. The Swedish-owned business which has sites across the North of England and Wales published third quarter results which show net sales fell 2.2% to SEK 36.27bn (£2.6bn) as profit for total operations grew to SEK 3.32bn (£242.7m). Meanwhile, Ebitda jumped 47% to SEK 5.1bn (£374m). Essity employs more than 1,200 people across sites in Northumberland, Manchester and Hull, among others, and said all of its business areas had contributed to profitable growth with higher volumes, price discipline and higher sales prices helped the performance. Bosses said they had generated about SEK 1bn (£7.29m) savings through efficiency improvements. CEO Magnus Groth said: "Growth was strong in health and medical, especially in Europe and Latin America. Our TENA Pants in Incontinence Products Health Care continued to drive both volume and higher margins and it is gratifying to see that the products are appreciated by both caregivers and patients. Growth was also particularly high in wound care products under our Leukoplast and Cutimed brands. "We continued to gain market share in consumer goods, a result of our long-term work on innovation combined with investments in marketing. Growth was strong in Europe, but the development was also favourable in Latin America. In professional hygiene, growth was affected by restructuring, but underlying growth was strong, especially in the premium range." Lee Doherty, vice president of Consumer Goods UKI & MEA at the firm, said: "Essity is in better shape than ever. Globally we are seeing market share gains and higher volumes which are delivering profitable growth for the company. Pleasingly in Q3 2024 our 2050 net zero goals were validated by Science Based Targets initiative (SBTi) which demonstrates our commitment and action on sustainability.

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North East automotive suppliers report mixed results as sector challenges ease

2025-05-12 07:54:24

There have been mixed fortunes for the region's car part makers in a flurry of results that suggest the sector may be recovering from global pressures of recent years. Fresh 2023 accounts for North East-based factories supplying manufacturers such as Nissan and JLR suggest the dual headwinds of Covid's knock-on impact and semiconductor chip shortages may be abating. The results came as UK car manufacturing output crept back up last year following recent years' difficulties. In Washington, interior trim maker Kasai UK saw turnover fall 2.5% to £72m and actual trading profit increase - though the documents show operating profits fell from £3.3m in 2022 to £663,009, owing to the closure of the firm's Methyr Tydfil plant in 2021 which yielded profits of £2.8m on land and buildings. The Japanese-owned manufacturer, which employs about 680 people, said production volumes remained static despite a fall in sales of JLR products, as volumes for Nissan Qashqai and Juke were up as much as 30% and 105% respectively. Directors said: "The gross profit margins on product sales were improved compared to 2022, mainly due to product mix impact on raw material, and because direct labour costs as a whole decreased slightly year on year due to production efficiencies. and both main areas of spend were therefore lower as a percentage of sales compared to the previous year." In nearby Sunderland, body trim parts producer Faltec Europe narrowed operating losses from £15.7m to £5.9m, though bosses said the loss-making position continued because of low production volumes across the sector and the fact that their fixed costs could not flex with that lower activity. The year saw Faltec, which is also Japanese-owned, move into a new factory premises at the International Advanced Manufacturing Park, close its former site. The specialist maker of products such as front bumpers, radiator grills and door mouldings, among other things, said it was looking to diversify its customer base and expand outside of the automotive sector. Accounts also revealed £138,800 of redundancy costs as the firm's workforce fell from 458 to 393. Meanwhile, Stockton-based Nifco UK prominently reported that the knock-on impact of Covid ceased in 2023 while recovery from the semiconductor shortage was said to be slow but positive. However, the supplier to brands such as Ford, Toyota and Nissan said unrelated supply chain "stresses" which had previously been masked by the semiconductor shortages had hampered any significant growth. Nifco reported a rise in turnover from £44.2m to £51.3m, and a significant rise in operating profits from £931,000 to £2.48m. The firm also pointed to £10,000 of restructuring costs. Director James Casey wrote: "We maintain our focus on the continuing shift in automotive towards electrification, in line with global carbon neutral initiatives. Nifco's diverse product range is mitigating risks associated the demise of internal combustion engine, whilst at the same time, already delivering and developing specific products to support customers electrification transition.

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Black Country move for pork pie maker after funding deal

2025-04-22 06:17:21

A family-run business known for its award-winning pork pies has secured new funding to support a move to a larger base. TC Morris has used the undisclosed finance deal from UKSE to help facilitate a relocation from Walsall Street in Willenhall to Blackbrook Industrial Estate in Dudley. The capital has also been used to recruit five new members of staff, with plans to offer apprenticeship opportunities in the future. Established in 1939, TC Morris makes pork pies, sausage rolls and scotch eggs for food service and catering sectors. 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 is now run by chief executive Charlotte Tennant who is a fourth generation family member. She said: "I joined the business in 2010 after studying law and HR management at university. "I always wanted to follow in my grandfather and father's footsteps and made it my mission to continue to grow the business. "We have worked hard to increase our customer base, expand our product range and we are now exploring export opportunities. To meet demand, we relocated to bigger premises in Dudley. "We are proud that all our existing employees stayed with us as part of the move, some of whom have been with us for more than 40 years. "The funding from UKSE has provided us with the working capital to continue to operate during the move." UKSE regional executive Mike Lowe added: "Our aim is to support businesses to grow, innovate and create job opportunities. "Charlotte and the team at TC Morris are a great Black Country success story and we were delighted to be able to support their growth plans."

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North Shields manufacturer Formica sees losses widen amid market decline

2025-04-22 04:18:33

North Tyneside manufacturer Formica saw sales drop and losses widen as a result of market decline, new accounts show. The laminate maker, which has its base on the Coast Road, has been manufacturing products for residential and commercial customers for more than 70 years, but recent years have seen a major restructuring at the North Shields site. Over the last four years Formica has reduced its factory footprint and now only manufactures from the west part of the site. Despite the reduced manufacturing space, the latest accounts show the firm has continued with investments to strengthen the business for future years. The accounts say the firm also ‘rightsized’ the production staffing levels, resulting in employee numbers dropping from 320 to 282. The investments come as the firm, the main trading entity of Formica Holdco (UK) Limited, booked turnover of £44.8m in 2023, a 22% drop on the previous year’s £57.3m. Its operating losses for the period grew from £11.5m to £36.9m, while pre-tax losses similarly widened from £11.5m to £37.2m. The results showed £1.5m in respect of restructuring costs incurred during the period, a £24.2m impairment of fixed assets, and £100,000 impairment of spare parts, all of which related to the “rationalisation of the manufacturing footprint”. A report within the accounts says: “The Formica Group is a group of related companies operating in North America, Europe and Asia. It is a leading manufacturer of high pressure decorative laminates and the European business of which operates through various manufacturing, distribution and marketing companies, including Formica Limited. “Formica Limited is the only manufacturer of high pressure decorative laminates in the United Kingdom and sells to major distributors and fabricators across Europe, either directly or via associated group companies. “Formica Limited has completed a number of projects as part of a significant investment programme at its North Shields site, resulting in a reduced cost footprint. Meanwhile, the company has taken steps to strengthen its commercial margin. “Along with other actions such as administrative cost reductions and commercial and operational synergies with sister companies in the group, the financial run-rate of the company is improving and is expected to continue to improve both driven by the market demand as well as ongoing commercial and marketing initiatives. “The company is continuing to focus on its North Shields facility. Whilst reducing the factory footprint we believe through modernisation and centralization we will be able to support future growth in a controlled manner and therefore benefit from an improved operating leverage. “The North Shields site restructuring has continued during 2023 with the upgrade of the 10-tonne press finalised in Q4. As a result, the eight-tonne press is no longer in operation, and an impairment charge was raised. This was also the final manufacturing location which was still operational in the East factory and all manufacturing now takes place in the West part of the site away from neighbours and residents. The East part of the site has been earmarked for closure and demolition. This work started in 2021 with the demolition of the old boilerhouse (finalised in 2023), asbestos removal across the site and decontamination of redundant areas.”

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Iconic Raleigh bicycles report significant losses amid sales increase and market pressures

2025-05-17 05:46:27

Raleigh, the renowned bicycle manufacturer, has reported a significant loss of over £30 million despite halting a sustained decline in sales. The Nottinghamshire-based company, historically the world's largest bike producer, disclosed a pre-tax loss of £30.1 million for 2023, following a £6.8 million loss in 2022. According to the latest accounts filed with Companies House, Raleigh saw its turnover rise from £55.7 million to £57.7 million during this period, as reported by City AM. This uptick in sales follows a downturn where Raleigh's turnover dropped from £74.4 million in 2020 to £67.4 million in 2021, and further down to £55.7 million in 2022. The last time Raleigh posted a pre-tax profit was in 2021, amounting to £187,000. While Raleigh's UK turnover increased from £51.8 million to £56.3 million in 2023, its European sales outside the UK decreased from £3.9 million to £1.3 million. In a statement endorsed by the board, Raleigh expressed confidence about its market position: "The directors anticipate that the market place will continue to be very competitive during the coming year." They also highlighted the brand's strengths: "Raleigh retains a solid competitive position with considerable brand strength, an independent bicycle dealer network and a strong presence on the high street." The statement addressed market dynamics post-pandemic: "The uplift in the market driven by Covid has seen some contraction and volumes have returned to pre-Covid levels." It also mentioned current challenges: "As a result this has left the market in an overstocked position and we have experienced price pressures in the market place." "As a result a bull business review was performed at the end of 2023 and the business was right sized and strategic changes to the business structure and product offering were made to protect the business." "These changes have left the company in a strong position when the market returns to a more normal and stable state." The financial statements follow after Raleigh UK and Raleigh Holdings, both narrowly avoided compulsory strike-off notices last year due to late filing of their accounts. This news came into light after Raleigh confirmed job cuts at its headquarters ahead of its closure and relocation.

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Luxury car giant Bentley extends electric vehicle strategy timeline to 2035 as first EV SUV is set for 2026

2025-05-14 05:32:12

Bentley Motors has revised its high-profile plan of becoming an all-electric car brand, moving the target year from 2030 to 2035. Originally committing in November 2020 to electrify its entire range by the end of the decade, the prestigious Crewe-based automaker, under Volkswagen's umbrella, sought to align with the proactive Beyond100 business strategy. The strategy was confirmed once more in January 2022, as Bentley detailed its intention to unveil a new electric model every year starting from 2025 and continuing until 2030. However, updated communication from Bentley signals a strategic shift; now operating under the moniker Beyond100+, the brand is extending its original timeframe by five years, as reported by City AM. Bentley is set to introduce its inaugural all-electric vehicle - a high-end urban SUV - in 2026, initiating a series of annual releases that will either feature plug-in hybrid or battery electric technologies throughout the next decade. Frank-Steffen Walliser, chairman and CEO of Bentley Motors, said: "Four years almost to the day that Bentley initially outlined its Beyond100 strategy, we adapt to today's economic, market and legislative environment to initiate a major transformative phase for tomorrow. "Beyond100+ becomes our guiding light as we extend our ambitions beyond 2030, while maintaining our aim of a decarbonised future, including offering only fully electric cars from 2035, and reinforcing our credentials as the British creator of extraordinary cars for over a century and beyond." Bentley's recent announcement follows its March disclosure of a profit drop last year, attributed to a global economic slowdown affecting the luxury car market. The firm reported a 17 per cent decline in operating profit to €589m (£502.9m), with revenue also experiencing a roughly 13 per cent fall to €2.9bn (£2.4bn). In 2023, the company delivered some 13,560 of its stately vehicles, marking an 11 per cent decrease from the previous year but still representing the third-highest total in its history. As BusinessLive reported earlier this year, the North West is at the heart of Britain's electric vehicle transformation thanks to companies including Bentley, Jaguar Land Rover, Stellantis and Leyland Trucks.

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McVitie's profits skyrocket to £131.3m, driven by white chocolate digestives success

2025-05-16 08:41:34

The launch of white chocolate digestives has significantly boosted the profits of McVitie's owner, Pladis Foods, by nearly £130m in its most recent financial year. The company reported a pre-tax profit of £131.3m for 2023, a substantial increase from the £2.8m it posted for 2022, as reported by City AM. According to newly-filed accounts with Companies House, its revenue also saw an increase, rising from £2.54bn to £2.75bn over the same period. Pladis attributed this revenue growth to innovative strategies across its brands, such as the introduction of new products like McVitie's white chocolate digestives. The group also noted growth in its convenience, impulse and discount channels. The success of McVitie's white chocolate digestives was further credited to their feature in a BBC documentary, which led to sales exceeding all forecasts. In a statement approved by the board, it was emphasised that innovation is crucial to Pladis' operations. The statement read: "It reshapes the way the company works, helping to streamline processes, enhances efficiency and facilitate the means through which some of the company's biggest challenges can be addressed, such as sustainable packaging or the sourcing and inclusion of more natural ingredients." These results follow after UMV Global Foods Holding Company, part of London-based Pladis, reported a revenue of £1.2bn for the 12 months, up from £1.1bn. UMV, the producer of popular snacks such as Mcvitie's Digestives, Jaffa Cakes, Jacob's Cream Crackers, Mini Cheddars, Carrs, Mcvitie's Penguin bars and Jacob's Twiglets, has reported a pre-tax profit surge to £17.3m for 2023, a significant increase from the previous year's £600,000.

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£15m investment sees Pure Pet Food gear up for expansion

2025-05-06 03:50:15

A Yorkshire pet food company is poised for growth after sealing a £15m investment. Pure Pet Food, based in Cleckheaton, West Yorkshire, provides personalised dog food delivered to customers’ doors and has completed the multimillion-pound funding round led by Felix Capital and including Mercia Ventures. The firm was founded in 2013 by childhood friends Daniel Valdur Eha and Mathew Cockroft with a £300 loan and a mission to revolutionise the pet food market by creating an alternative to traditional kibble. The firm makes and markets natural, healthy and easily digestible food for dogs, tapping into growing demand for healthy meals for pets. Since its launch the business has grown to employ more than 100 people at its manufacturing site and offices, serving 40,000 regular customers throughout the UK who pay a monthly subscription to receive deliveries of pet food tailored to their dog’s needs. The company appointed new CEO Roz Cuschieri in April 2023, who has previously held board roles at Warburtons and Genius Food, to work alongside the founders, a move which encouraged the founders to seek additional external investment to fuel further expansion both in the UK and new markets, as well as develop its distribution channels and product categories. Felix Capital – which has previously invested in businesses including Castore, Moonbug, Deliveroo and Oatly – led the £15m investment round alongside participation from existing investor Mercia Ventures. Mat Cockroft, co-founder of Pure Pet Food, said: “We are thrilled to partner with Felix Capital, whose team have demonstrated exceptional support and collaboration. Having one of Europe’s leading consumer investors involved in the business marks a significant milestone for us, and we are excited to shape the future of Pure together. “We are also delighted for the ongoing support from our current investors and team, who believe in our mission and sector. Dan and I have come a long way from starting Pure. Our ambitions have grown alongside the business, and we are eager to continue in our quest to create food that makes a profound impact on the health and happiness of our dogs.” Antoine Nussenbaum, co-founder and investor at Felix Capital, said: “We will always remember the first visit to Pure’s offices. We witnessed everything we like to see in an entrepreneurial journey. The longstanding relentless drive from Mat and Dan, combined with Roz’s amazing experience in consumer-packaged goods is a true recipe for success.” Jan Oosthuizen, investor at Mercia Ventures, added: “Pure has gone from strength to strength in recent years, a testament to the dedication and hard work of Dan, Mat, Roz and the team. The company’s vision and ambition consistently excite us, so we are delighted to continue to support them in their pursuit of future milestones and to partner with Antoine and the wider Felix team.”

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Filtronic installs two production lines at North East base ahead of new factory

2025-05-07 20:07:31

Telecoms tech firm Filtronic has expanded its factory facility in County Durham, ahead of a wider move into a new base. The maker of high-tech satellite communications equipment has added two new production lines at its NETPark facility in Sedgefield. Bosses say the move - which creates 12 skills jobs and requires 24/7 staffing - will bring increased productivity of between 50-75% in order to cater for a series of high profile contract wins in recent months. The investment provides additional capacity for production of Filtronic's radio frequency modules, including new product lines that are intended to serve emerging frequencies and bandwidths. It will also cater for the future products that are yet to go into full production. Mark Black, chief operations officer at Filtronic, said: "Meeting the increased production demand is our priority, and we are committed to maintaining our high standards of operational excellence. With NETPark’s flexibility, we can grow both in the short and long term. These two new lines are vital to supporting our recent successes and will allow us to further scale our output." Next year, Filtronic plans to move into a much large site neighbouring its NETPark base. The new facility - which is being custom built - will double the firm's manufacturing footprint and bring new cleanroom areas, engineering laboratories, and testing facilities. Filtronic has previously said the move, which is scheduled for next year, intended to keep it at the forefront of the high-frequency RF and mm-Wave communications technology market. Filtronic has been on growth footing since it announced coveted work with Elon Musk's SpaceX, earlier this year. The $60m (£48m) five-year deal with the US rocket and satellite firm sees Filtronic providing its North East-built equipment for the Starlink system - a constellation of thousands of low earth orbit satellites that bring internet services to hard to reach areas of the world. For SpaceX, the firm will provide solid state power amplifiers (SSPAs), along with other technology. The deal also provides the option for Mr Musk's business to take a stake in the North East firm, the with possibility it could subscribe for up to 10% of Filtronic's shares. The first of the rocket company's orders are expected to be shipped next year, with others also following. Meanwhile, Filtronic has updated investors on other significant work including a £3.2m order from the European Space Agency, and from BAE Maritime, worth £4.5m.

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Turnover tops £300m at Northumberland family firm Simpsons Malt

2025-05-14 11:26:26

Turnover has topped £300m at Northumberland agricultural merchant Simpsons Malt, which saw profits jump 60% on the back of a key acquisition. The 161-year-old business, a fifth-generation family-owned firm, uses UK barley to produce malt at Tweed Valley Maltings in Berwick-upon-Tweed, Northumberland, and Tivetshall Maltings in Norfolk, while also operating an agricultural merchant division, McCreath Simpson & Prentice, in Northern England and Scotland. The company has published accounts for 2023 showing pre-tax profits rose from £9.5m to £15.2m, while turnover increased from £273.8m to £301.3m. Directors said profitability increased because of a number of factors, including the acquisition of WN Lindsay Limited in 2021 which allowed the business to procure record levels of grain direct from farms, surpassing previous record totals chalked up in 2022. Staffing levels also rose from 366 to 387 in the year. The company was also delivered a boost by record high malt sales values, which were driven by cereal and energy costs, which were seen across the whole UK malt market. The company said malt demand remained strong with distilling volumes increasing significantly, more than offsetting reduced brewing volumes. It added: “The malting division enters 2024 with raw material costs decreasing, malting barley usage normalising and healthy levels of forward malt sales. Although the highs of 2023 will not be repeated in 2024, the prospects for the malting division remains positive.” The rise in profits triggered record investment during 2023 with more than £20m ploughed into projects across the group. Projects to increase base malt and peated malt production at the company’s Tweed Valley Maltings in Berwick were completed in the third quarter of this year, while malt storage projects at both malting sites are set to be completed later this year. Planning permission for the company’s proposed maltings in Rothes, Moray, was granted in December 2023, and further investment is set to be made this year in preparation for future development. Speaking about the financial results for 2023, Simpsons Malt Ltd managing director Tim McCreath said: “We’re pleased to be able to report a strong set of financial results with turnover exceeding £300m for the first time, primarily as a result of record high malt and grain values. In 2024, we have healthy levels of malt sales and grain contracting for this year’s harvest progressed well. “Raw material costs have also decreased, as have market values and volatility in the merchanting division, so while the highs experienced in 2023 will not be repeated this year, prospects for both the malting and merchanting divisions remain positive.” The accounts also pay tribute to the company’s late chairman, Simon Simpson, and its late non-executive director, David McCreath, adding: “With over 132 years of collective experience, Simon and David will be fondly remembered for their vision, passion, and wisdom.

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Greencore hails 'outstanding' performance as it gives meal deal profit update

2025-04-25 18:42:10

Convenience food producer Greencore, the company behind many supermarket meal deal sandwiches, has announced that it expects its full-year profit to surpass current market predictions, as reported by City AM. In a trading update released today, the company, which supplies a wide range of products including salads, sushi, snacks, ready meals, and soups to the UK's major supermarkets, reported a 3.7% year-on-year increase in like-for-like revenue growth for the fourth quarter, with full-year growth also rising by 3.4%. Greencore anticipates reporting full-year revenue of approximately £1.8 billion, following an "encouraging" fourth quarter in terms of like-for-like volume performance. The company's fourth-quarter profit conversion exceeded expectations, with full-year adjusted operating profit now projected to be higher than the current market forecast of between £95 million and £97 million. Chief Executive Officer Dalton Philips commented: "The Greencore team delivered an outstanding performance with our FY24 results now expected to exceed current market expectations." "Providing high-quality, fresh and healthy food to our customers every day is at the heart of what we do. To all our colleagues who work tirelessly to make this happen I would like to say a huge thank you." He added: "As we enter the new financial year, our focus remains on making really great food, rebuilding our profitability, and positioning Greencore to be the UK's leading convenience foods manufacturer." "We'll share more detail at our 2024 results in early December, and will use our capital markets day in early 2025 to outline our medium-term growth strategy." The Dublin-headquartered company is set to host an event for analysts and institutional investors in London on 5 February, with its full-year results scheduled for release on 3 December. Greencore, which also supplies the convenience, coffee shop, and travel retail sectors, stated that it has maintained a "strong focus on improving returns across our portfolio", including implementing operational efficiencies in areas such as waste management and among its 13,600-strong workforce.

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Rix Petroleum snaps up fellow Humber business in undisclosed deal

2025-05-08 18:39:05

Fuel business Rix Petroleum has snapped up a fellow Humber business to extend its services to domestic customers. Rix – part of 150-year-old family business J R Rix & Sons Ltd based at Two Humber Quays on Hull’s waterfront – has acquired Phoenix Heating Specialists, based on the east side of Hull in Preston, for an undisclosed sum. The move comes after the Hull company acquired two other domestic energy sector businesses to complete the family company’s heating and plumbing services for residential customers across the region. Phoenix Heating Services will be rebranded as Rix Gas Services as part of the deal, and will join group businesses Rix Heating Services, Rix Electrical Services, and Rix Plumbing Services at their base in Bank Side, central Hull. Duncan Lambert, managing director of Rix Petroleum, said the acquisition would ‘future-proof’ the company’s domestic energy services, enabling it to install, service, and maintain oil, gas, electrical, and renewable-based heating systems. He said: “As a business with a 150-year heritage in Hull and East Yorkshire, we have always taken great pride in being able to offer the products and services our customers need to keep their houses warm and dry. But as technologies develop, and the variety of heating systems available expands, we needed to update our skills and services to ensure we can continue to do this. “This latest acquisition completes our offering, giving us comprehensive services across all domestic energy types, including oil, gas, electricity, and renewable technologies. I’m delighted to welcome Phoenix Heating Specialists into the Rix family. The move not only helps to futureproof our business, it ensures we can continue providing the trustworthy service we’ve become known for over the past century-and-a-half.” Phoenix Heating Services was launched by owner-manager Matt Dixon and employs four staff, all of whom will move across to the Rix Group. Mr Dixon said having the backing of the Rix Group would enable the business to grow much more rapidly than if it had stayed independent.

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UK Government doubling funding support after ending of heavy steelmaking at Port Talbot

2025-05-04 03:23:19

The UK Government has announced it is doubling funding support to workers and businesses affected by job losses at Tata's Port Talbot steelworks. Ministers said an extra £15m will be made available for supply chain businesses and workers affected by the ending of heavy steelmaking in the town. Welsh Secretary Jo Stevens said the move means a fund to support businesses across Wales heavily reliant on Tata steel will be increased to £30m. Some 2,800 steel job losses, the lion's share in Port Talbot, were confirmed earlier this year after the ending of heavy steel making. Tata, backed with £500m support from the UK Government, is investing £1.2bn in a new electric arc furnace at Port Talbot that will make steel from scrap. It is schedule to become operational in 2027. Ms Stevens also announced that more businesses will be able to apply for the funds, and the value of individual grants is increasing to up to £250,000 for businesses to invest in equipment, property, technology. The Westminster government said there has been “significant demand” on the existing funding, with almost 40 businesses employing 2,000 people having begun the application process. Grants worth millions of pounds are expected to be released in the new year. Don't miss the latest news and analysis with our regular Wales newsletters – sign up here for free The increase in funding is in anticipation of more people leaving Tata in early 2025 through the company’s voluntary redundancy scheme. Ms Stevens said: “This government is acting decisively to support workers and businesses in Port Talbot. We are doubling the funding available to businesses and workers and widening access to grants to ensure we support as many people as possible. “In just four months we have announced more than £40 million in investment. We said we would back workers and businesses affected by the transition at Port Talbot and we are doing exactly that.

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'Truly uncommon leader' Ratan Tata dies aged 86

2025-04-29 05:06:09

Tributes have been paid to a "truly uncommon leader" as Ratan Tata dies aged 86. The former chairman of Tata Group, which owns Jaguar Land Rover, Tata Steel and Tetley Tea among a host of other companies, has been remembered for his business acumen and philanthropy. He died in hospital in Mumbai yesterday. Born in Bombay on December 28, 1937, Mr Tata joined the Tata Group in 1961 and became its chairman in 1991, a post he held for 21 years and that he resumed in 2016 following the departure of his successor Cyrus Mistry. He returned to retirement in 2017 when incumbent chairman Natarajan Chandrasekaran took over the role. Mr Tata never married and is survived by a brother, two half-sisters and a half-brother. Tata Group is a vast conglomeration of nearly 100 companies including Tata Motors, Tata Steel and Tata Consultancy Services. Together, they employ more than 350,000 people worldwide with a presence in over 100 countries. BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts. You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss. Visit our email preference centre to sign up to all the latest news from BusinessLive. Among the most well-known of its brands is Jaguar Land Rover, now known as JLR, which has a huge manufacturing presence across Merseyside and the West Midlands, including its global headquarters in Coventry. Tata acquired the luxury car manufacturer in 2008 from Ford for $2.3 billion, a year after it had taken over British steelmaker Corus for $12 billion. Tributes have flooded in from across the business and political world. Mr Chandrasekaran said in a statement: "It is with a profound sense of loss that we bid farewell to Ratan Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation. "For the Tata Group, Mr Tata was more than a chairperson. To me, he was a mentor, guide and friend. He inspired by example. "With an unwavering commitment to excellence, integrity and innovation, the Tata Group under his stewardship expanded its global footprint while always remaining true to its moral compass. "His dedication to philanthropy and the development of society has touched the lives of millions. From education to healthcare, his initiatives have left a deep-rooted mark that will benefit generations to come. "His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed." JLR's chief executive Adrian Mardell said Mr Tata's personal achievements and legacy "are unequalled in society" and the mark he left on the carmarker was greater than that of any other individual. "It was thanks to his singular vision that Tata acquired JLR in 2008 and we owe everything we have become since then to his unwavering support and dedication," he added. "Mr Tata led us on an extraordinary journey. He inspired incredible new chapters in our history. "Under his generous and trusting guidance, we have felt deeply proud to be part of the Tata story." India's Prime Minister Narendra Modi described Mr Tata as a visionary leader and a compassionate and extraordinary human being. "He provided stable leadership to one of India's oldest and most prestigious business houses," he posted on X. "At the same time, his contribution went far beyond boardrooms. He endeared himself to several people thanks to his humility, kindness and an unwavering commitment to making our society better." Andy Street, former John Lewis managing director and West Midlands Mayor until May's election, said: "Rarely does a businessman change the world like Ratan Tata did.

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Plan revealed for £20m industrial research facility in Port Talbot

2025-05-02 02:12:03

Plans for a new multi-million-pound industrial research facility in south Wales have been submitted. The proposed facility, named the South Wales Industrial Transition from Carbon Hub, or Switch, would be located in the Harbourside area of Port Talbot if given approval by Neath Port Talbot council, and is a part of the Swansea Bay City deal. It would see the creation of a £20m facility, designed and built by Morgan Sindall Construction, for a purpose-built research centre for de-carbonising the metal and steel industry. The project will be led by Neath Port Talbot council in partnership with Swansea University, with the proposed facility described as being an “open-access centre establishing a collaborative network of expertise across academia, industry and government, aiming to accelerate the region’s transition to net zero”. Once completed, plans say the building will contain a number of facilities such as workshops and welding zones, with mechanical testing zones and laboratory space, as well as offices, reception and breakout spaces for staff. Don't miss the latest news and analysis with our regular Wales newsletters – sign up here for free The plans read: “The new facility is a collaborative innovation centre working with academia, namely Swansea University as a key stakeholder, to help end users from the steel industry to decarbonise the steel industry towards a net zero carbon future. “The core theme of the Switch programme is to assist decarbonisation of the steel and metals industry, to strengthen collaboration between industry and academia and to future-proof the steel and metals industry in Wales and the UK. “The construction will consist of a mix of office space, laboratories, research and production area, storage areas and external works.” The submission, which was received in November, comes just months after the closure of the two blast furnaces at Port Talbot’s Tata steelworks site, which could result in the loss of more than 2,000 jobs. It also comes just weeks after the submission of further plans by Tata Steel for a new £1.25bn electric arc furnace to be built at the site.

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Green light recommended for furniture firm Senator International Group's new warehouse

2025-04-23 06:30:20

Plans by a leading office furniture manufacturer to replace a warehouse with a larger one at its Blackburn site are set to be discussed by councillors this Thursday. The Altham-based Senator International Group has submitted an application to Blackburn with Darwen Council for the new building on Whitebirk's Premier Business Park in Croft Head Road. Despite objections from a local resident about late-night lighting, the borough's planning committee has been advised to approve the scheme with 20 conditions by its officers. The proposed building is described as having a "modern, yet sympathetic flat roof design" and will span two levels, reports Lancs Live. The current site has 47 parking bays, but the new layout aims to increase off-street parking spaces by 19, totalling 66 spaces. A report for Thursday night's meeting states: "The council's development plan and the National Planning Policy Framework supports the expansion of businesses to drive economic growth. The proposed development in delivering additional floorspace to this well-established industrial use is considered to achieve this aforementioned aim and should help to secure the longevity of the current company at this site." "Planning permission is sought to replace the existing warehouse outbuilding and tank positioned at north west corner of the site and erect a new larger storage unit. The proposed unit will be used to accompany the existing manufacturing operations undertaken in the main building by virtue of creating a more fit for purpose and larger storage area with high bay racking for products made." "The proposed building attributed to the warehouse space will measure 66 metres by 24 metres giving an overall floor area of 1,530 square metre. There will also be an attached dock leveller along the north-western elevation comprising of 65sqm of floor space. "Vehicular access for parking and servicing will be via the existing arrangements. The scale of the built development is proportionate to the application site and its height at 14m is broadly similar to the existing building at the site.

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Beacon Foods named the best firm in Powys

2025-04-30 07:32:04

Beacon Foods, one of the UK’s leading suppliers of ingredients and ready-to-eat products, has been named the best business in Powys. The family-run company, which was established in 1993, took the overall title at the 2024 Powys Business Awards - sponsored by Powys County Council. The company, which operates from a 53,000 sq ft of manufacturing and storage facilities in Brecon, also collected the growth award, sponsored by WR Partners. Beacon Foods has grown from a start-up company to an industry leader employing a workforce of 130 in 31 years. Read More : PwC confirm new Cardiff HQ Read More: Wales sees biggest rise in UK retail footfall Chairman Edward Gough received the award with his mother, Rae Jones, with whom he started the successful business 31 years ago. He said: “We are truly humbled to win this award against some fantastic businesses here in Powys. “We are proud of everything we have achieved as a company over the past 31 years and it’s great for our staff to be recognised with these awards. We must also mention the amazing support that we have received from the Welsh Government, Mid Wales Manufacturing Group and Total Food Marketing over the years. The support for food manufacturers here in Wales has been brilliant.” David Selby, Powys County Council cabinet member for a more prosperous Powys, praised all the award winners and finalists. He said: “Beacons Foods is testament that Powys is a great place to start, nurture and grow a business,” he said. “The company has invested in facilities, equipment and staff and to improve sustainability and reduce carbon, demonstrated innovation and has a strong customer focus. “They have shown all the ingredients required to make a family dream a reality. The company is a role model for other companies and a true ambassador for Powys.” Organised by Mid Wales Manufacturing Group (MWMG), the awards showcase the diverse range of successful enterprises across Powys. The awards’ inaugural winner of the new business in the communityaAward, sponsored by Radnor Hills, was Morland based in Welshpool. The award recognises businesses that put something back into their local communities. Three awards went to business based in and around Machynlleth. Heartwood Saunas, based at Pantperthog, won the by Welshpool Print Group sponsored small business award for companies with under 30 employees, Atherton Bikes received the technology and innovation award, sponsored by Aberystwyth University, while Charlotte Williams owner of Squeaky Clean, won the judges special award. Greenhouse Café & Kitchen, based at Garthmyl, near Montgomery won the start-up business award, sponsored by EvaBuild, Newtown Food Surplus collected the social enterprise/charity Award, sponsored by Myrick Training Services, with Lakeside Boathouse, based Llandrindod Wells, receiving the micro business award, sponsored by the County Times. The entrepreneurship award, sponsored by CellPath, went to Elliot Tanner of Stashed Products, based at Abermule, while Espanaro, based in Newtown, won the small business growth award, sponsored by Cellar Drinks. EOM Electrical Contractors, based in Newtown, won the people development award, sponsored by NPTC Group of Colleges, while Skincare Bootique, based in Welshpool collected the Sole Trader Award, sponsored by MWMG.

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Vauxhall owner puts 1,100 UK jobs at risk with plans to close major factory

2025-04-21 06:57:54

Stellantis, the owner of Vauxhall, has revealed plans to shut down its van manufacturing plant in Luton, putting 1,100 jobs in jeopardy. The Dutch carmaker intends to centralise electric van production at Ellesmere Port in Cheshire with a £50m investment. This development comes amid reports that the UK government may dilute plans to penalise automakers based on the number of zero-emission vehicles they sell, as reported by City AM. Business secretary Jonathan Reynolds is anticipated to announce a consultation on the regulations at an industry dinner on Tuesday evening, following intense lobbying from several British carmakers. Carmakers have expressed worries about declining demand from private consumers, although the industry’s figures for adoption, provided by the Society of Motor Manufacturers and Traders (SMMT), are disputed by some experts. Stellantis cautioned in June that it might have to halt production in the UK if demand for electric vehicles (EVs) does not rise. Companies House accounts reveal that before Tuesday’s announcement, Vauxhall had already reduced its employee count from 1,488 to 1,283 in the latest financial year, even as profit increased and turnover exceeded £2.5bn. In a statement, Stellantis said it remains "committed to acting responsibly toward its employees in Luton and, subject to approval, would offer relocation and support to facilitate" staff wishing to transfer to Ellesmere Port. The company reaffirmed its goal to maintain its position as the UK's leading manufacturer of electric light commercial vehicles (LCVs). Although its Vauxhall plant in Luton currently produces petrol and diesel vans, it was scheduled to start manufacturing the Vivaro Electric model before 2025. A government spokesperson commented: "While it’s encouraging to see Stellantis investing in the future of its Ellesmere Port plant, we know this will be a concerning time for the families of employees at Luton who may be affected." "We have a longstanding partnership with Stellantis and we will continue to work closely with them, as well as trade unions and local partners on the next steps of their proposals."

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Jones Village Bakery creating 50 new jobs on strong export growth

2025-04-28 11:47:50

Jones Village Bakery is creating 50 new jobs after landing new contracts in the Middle East and Australia. The Wrexham-based business said its exports are forecast to break the £10m barrier this year. Recent export deals include supplying gluten-free products to seven Gulf States in the Middle East. Earlier this year the company started shipping products to Australia where the company’s pancakes are being sold across the country. The bakery is also experiencing surging demand from Europe, particularly in France, Germany, Belgium and Holland. It is also supplying a worldwide network of around 200 M&S stores – as far afield as Hong Kong, Singapore and the Middle East – which are selling its crumpets, scones, pancakes, bagels, rolls, Welsh Cakes and pikelets. Read More : Wrexham cereal factory to become biggest in Europe on £75m investment Read More : PwC confirm major expansion with new Welsh HQ Commercial director Lesley Arnot said: “Our exports are doing really well for us and we are going from strength to strength in all the different countries that we’re dealing with and we’re adding a few more on the order book. We’re also enjoying success in the Middle East where we’ve launched across several different countries with two different retailers out there. I’m absolutely delighted with the way things are developing – and there’s much more to come as well. We have some really good foundations for expansion into other export markets.” Chief executive Robin Jones said: “Exports are really taking off and the team are doing an absolutely brilliant job, finding some great partners and distributors. Our target of increasing overseas sales to £10 million is very realistic with the way things are going in Australia, the Middle East and Europe. It’s really exciting. “We make really, really good quintessential British products and there’s clearly a growing appetite for them at home in the UK but also abroad “It’s wonderful to think you can buy Village Bakery products in so many places across the world, whether that’s Australia, Hong Kong, Singapore or across so much of mainland Europe. “This is all creating extra volume here so it feeds into sustaining existing jobs and creating new ones which all adds up to boosting the local economy here in Wrexham.” The company’s success with overseas sales has been recognised by the Welsh Government with a Welsh export champion validation.

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Barbour profits jump 10% despite 'relentless' cost and pricing pressures

2025-05-20 16:30:06

Tyneside wax jacket fashion firm Barbour saw profits jump more than 10% despite a backdrop of “relentless” cost and pricing pressures, new accounts show. The South Tyneside company – first launched in the 1890s to sell tough-wearing coats to fishermen, sailors and mariners – sells an extensive range of coats, outerwear, shirts, scarves, boots and other accessories around the world, to everyone from farmers and royalty to film and rock stars all around the world. The company, which has launched collections with celebrities including Alexa Chung and Sam Fender, operates in the UK and Ireland with subsidiaries in Germany, the US and Asia. It has now published accounts for the year ending April 30, showing how turnover dropped 6.2% from £343.1m to £321.8m, partly due to fall in sales in the challenging wholesale market. However, operating profit increased 12.3% from £34.3m to £39.6m, which Barbour said was driven by a focus on cost reductions and gains in foreign exchange. Overall income for the year was £34.1m, up from £28.8m, and its cash increased to £119.7m from £106.4m. Employee numbers also rose, from 1,132 to 1,175. A report within the account signed by chair Dame Margaret Barbour described how investments in technology and logistics were made during the year, alongside the launch of a base in Singapore to highlight its commitment to the Asia-Pacific market. The report said: “2023-24 saw a tougher wholesale market for the brand and a decline in sales from this channel, however direct to consumer through e-commerce and retail channels performed very well, with those sales increasing compared to prior year. Our long term strategy remains consistent and relevant, dedicated to the vision of being recognised as a trusted and leading British global lifestyle brand with distribution channels via wholesale, retail, e-commerce and licensing. “Asia-Pacific (APAC) is an increasingly important market for our brands. We continue to invest in technology and logistics to best service our brand partners and customers in this area of the world whilst retaining brand heritage and core values. During the year we opened a Singapore operation to ensure demand is met in this market more effectively. “During the financial year 2023-24 revenues decreased by £21.3m. Whilst this represented a 6% reduction in revenues, we believe in the continued strength and resilience of our brands relative to complex market performance, the trust that our customers and consumers place in us and the sustainability, in the broadest sense, of our business model and practices. “Despite economic uncertainty and challenge presented by the cost of living crisis, war in Ukraine and supply chain disruption, we managed to increase gross margin by 3.6%, with gross profit increasing by £5.4m. Despite considerable cost pressures, we wanted to remain good value for our consumers and did not increase our prices in line with the cost increases suffered, minimising supply chain costs, without a loss of service, was key to improved gross margins. With uncertainty across global markets and competition for volatile demand remaining high, navigating profitably has been a challenging but key focus in the financial year 2023-24.” Following publication of the accounts Steve Buck, group managing director, said: “12 months ago, we anticipated that global markets would be very challenging and made the decision to focus on high quality, profitable sales. This strategy has worked very well in generating strong demand for the brand with increased efficiency and profits. This approach is very much in line with the long-term view taken by the business.

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Tata submit plans for £1.2bn electric arc furnace in Port Talbot

2025-05-04 20:00:26

Steelmaker Tata has submitted a planning application for a new £1.2bn electric arc furnace (EAF) at Port Talbot. The investment, which includes a £500m grant from the UK Government, will see the steel plant making steel from scrap. Heavy steel production at the plant ended in September with the closure of its blast furnace no 4, after no 5 was switched off over the summer. The move has resulted in 2,500 jobs losses across the Indian firm’s UK steel operations, with the majority at Port Talbot. The EAF will be built by Italian firm Tenova. EAFs use an electric current to melt scrap steel or iron and produce steel, whereas blast furnaces use coke, a carbon-intensive fuel made from coal. Following a public consultation exercise planning for the EAF has been submitted to Neath Port Talbot Council. Approval, with conditions, is anticipated next February, with spades in the ground in June or July. Once operational at the end of 2027, it will reduce the site’s steelmaking carbon emissions by 90%, compared to when it operated the blast furnaces - equivalent to five million tonnes of CO2 a year. It will has an annual capacity for three million tonnes of steel. New ladle metallurgy furnaces, also supplied by Tenova, will then refine the molten steel to make more complex grades required by manufacturers in the UK and other countries. Tata said the use of scrap will also significantly reduce the UK’s reliance on imported iron ore, strengthening the resilience of the UK’s manufacturing supply chains. Tata will import slab and hot rolled coil substrate required during the transition to the EAF. Rajesh Nair, chief executive of Tata Steel UK, said: “We’re delighted to have now submitted our planning application for electric arc furnace-based steelmaking at Port Talbot, and I would like to thank all those many people who have engaged with us to date.” Business and Trade Secretary Jonathan Reynolds said: “This marks another important step towards a bright, long-term future for steelmaking in South Wales, and builds on the improved deal for Port Talbot’s transition this government has agreed with Tata Steel.

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Historic Bartoline rescued from administration in £800k deal, saving 90 jobs

2025-05-14 20:53:38

A rescue deal has saved 90 jobs at Beverley decorating products maker Bartoline following its administration in the wake of a post-Covid slump in sales. Growing Paramount Retail Group has acquired the historic businesses in an £800,000 deal, with a promise to develop its product range. The move comes after administrators were called in to the 148 year-old firm following a change of leadership in October and amid reduced sales and high costs. Documents from the administration show Bartoline owed £9.5m. Paramount, which has revenue of more than £100m and owns other brands in the pet supplies, home improvement and confectionary markets, said the acquisition will safeguard the future of Bartoline as a cornerstone of the British DIY market. The firm is known for its range of adhesives, solvents and fillers and was acquired by a private equity firm in 2021. It was around that time the firm started to suffer a post-Covid slump in sales, coupled with higher raw materials and labour costs. Those issues were exacerbated by the start of the war in Ukraine the following year, leading to an operating loss of £2.14m. Last year the firm narrowed operating losses to £942,077. Administrators at Alvarez and Marsal Europe LLP said: "The company has been unable to recover from the impact of the losses incurred in FY22 and the reduction in sales volumes following the Covid pandemic. As a result, over the course of FY24, it became increasingly challenging for the company to manage its cash flow position. "In October 2024, the previous directors exited and a new senior management team was appointed to run the business. Following an initial review of the business and operations, the new management team identified an immediate funding requirement, driven by overdue creditor balances, which was creating cash pressure within the business." Paul Taylor, chairman of Paramount Retail Group, said: "Bartoline has been a trusted partner in countless home improvement projects over the past century, with a heritage and reputation for quality that make it an excellent addition to our portfolio. We’re proud to secure its legacy and look forward to driving its future growth through innovation and sustainability."

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Japanese brewer Asahi's UK arm sinks deeper into losses, reporting a £14m deficit

2025-05-06 20:59:34

Japanese beer manufacturer Asahi, which also owns brands such as Peroni, saw its UK division's losses deepen in its most recent financial year. The London-based branch reported a pre-tax loss of £14m for 2023, following a loss of £6.3m in the previous 12 months. The last time Asahi UK posted a pre-tax profit was in 2021, when it totalled £11.9m. However, newly submitted accounts to Companies House revealed that its annual revenue rose from £512.2m to £527.1m, as reported by City AM. In addition to Asahi and Peroni, the group owns Fuller's Brewery, which produces brands like London Pride and Grolsch. Fuller's Brewery was previously the brewing division of London-listed Fuller, Smith & Turner. Aiming to increase its market share in the UK, a statement approved by the board read: "The company will continue to manufacture, distribute and sell its range of quality beers and ciders brewed at its locations in the United Kingdom and provide a full portfolio of drink products to its customers." It added: "The company's strategic priority is to grow market share within the UK through its portfolio of premium domestic and international alcoholic and non-alcoholic drinks." Over the year, the average number of employees at Asahi UK dropped from 588 to 554. Asahi has owned Fuller's Brewery since Fuller, Smith & Turner accepted a £250m offer at the beginning of 2019. The agreement included the Griffin brewery, its "spiritual home" in west London, which is now where Asahi's UK division is registered. The deal also resulted in Fuller's other drinks operations Cornish Orchards, Dark Star Brewing and Nectar Imports being transferred to Asahi. Asahi has been the owner of Peroni and Grolsch since purchasing the brands from AB Inbev in 2016 for a hefty £2bn. According to a recent report by City AM, AB Inbev continued to suffer significant losses during its latest financial year, despite increasing its prices.

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Rolls-Royce shares soar as firm reports robust demand but cautions on supply chain issues

2025-05-12 11:55:06

Rolls-Royce has maintained its full-year guidance as the engineering behemoth continues to reap the benefits of skyrocketing demand for its aircraft engines and increased defence expenditure. In a trading update released this morning, the FTSE 100 company projected an underlying operating profit of between £2.1bn to £2.3bn for the current year and free cash flow of £2.1bn to £2.2bn, consistent with a previous forecast in August, as reported by City AM. The firm, which has major UK bases in Derby and near Bristol, highlighted ongoing robust demand in Civil Aerospace, where large engine flying hours have increased by 18 per cent year-on-year to 102 per cent, exceeding the levels observed prior to the pandemic's decimation of passenger numbers. Flying hours are anticipated to reach between 100 to 110 per cent of pre-pandemic levels for the full year, with approximately 500 to 550 deliveries expected. Defence demand also remained strong following years of surging government spending triggered by Vladimir Putin's invasion of Ukraine and conflict in the Middle East. Shares have seen a staggering 91 per cent increase this year to date. However, Rolls-Royce cautioned about persistent challenges in the aerospace industry's supply chain. The company was held responsible for the cancellation of several British Airways flights last month due to issues with its Trent 1000 engines, installed on the airline's Boeing 787 aircraft. Since the pandemic, the sector has experienced ongoing challenges. The top two aerospace companies, Airbus and Boeing, have faced issues keeping up with the surging global demand for air travel, causing widespread delays in aircraft deliveries to leading airlines. Nonetheless, the engineering behemoth expects to bring back dividends for shareholders by the year's end, intending initially to offer a 30 per cent payout ratio of its underlying post-tax profit, followed by consistently dispensing between 30 to 40 per cent afterwards. Chief Executive Tufan Erginbilgic remarked on the company's performance since his appointment in January 2023: "Our transformation of Rolls-Royce into a high-performing, competitive, resilient and growing business continues with pace and intensity."

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Solid State expands north with Gateway acquisition

2025-04-30 03:06:53

A manufacturer has expanded its footprint by acquiring a North West firm. Redditch-based Solid State has bought out Cheshire outfit Gateway Electronic Components in a deal worth up to £2 million. Listed Solid State is a component supplier and manufacturer of computing, power and communication products. Nantwich-based Gateway Electronic Components has a range of its own-brand ferrite and magnetic components which Solid State said would complement its own existing products and technologies. BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts. You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss. Visit our email preference centre to sign up to all the latest news from BusinessLive. It was founded in 2000 and its products are used in sectors such as power generation and transmission. Gateway Electronic Components manufactures its products in the UK and already supplies into many of the Solid State’s target growth markets. It will join Solsta, the components division of Solid State Group. Solsta’s managing director John Macmichael said: "Gateway broadens our product line within sectors that are already core to our footprint while equally giving Solid State an additional aligned client base for its existing product range. "The drive to higher margin own-brand products is further enhanced through the addition of the machined ferrite range of products. We welcome our new colleagues from Gateway to the Solid State Group." Martin Ford, founder and managing director of Gateway Electronic Components, added: "We've built an excellent business which fits very neatly into the culture of Solid State. "Their drive to innovate gives me confidence that our technology will be more widely built into customer solutions.

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Harland & Wolff's staggering £160m debt revealed as historic shipbuilder enters administration

2025-05-19 19:38:07

Harland & Wolff, the shipbuilder behind the Titanic, was in debt to the tune of more than £160m when it fell into administration last month, as per recent revelations. Teneo took charge of the process at the 162 year old holding company in September, while its subsidiary companies, including its esteemed Belfast shipyard, will persist under the director's control, as reported by City AM. A document recently filed with Companies House has detailed the circumstances leading to the company's fall into administration and the extent of its debts to creditors. According to Teneo, at the time of their appointment, neither the group nor its lender could provide long-term funding to cover the company's ongoing expenses. They further stated: "The [Harland & Wolff] sites were largely acquired by the group from insolvency processes and their success was predicted on securing significant revenue growth t support a large overhead base." "While the group achieved revenue growth, it was slower than necessary and a recent substantial contract win was not anticipated to turn profitable in the near future." "Consequently, during 2024 the group faced an escalating short-term liquidity requirement along with a significant amount of creditor arrears." Harland & Wolff sought financial assistance from the Department of Business and Trade and UK Export Finance, as well as from its secured creditor. This funding was needed by 1 July, 2024, to address its liquidity shortfall and enable the signing off and timely filing of statutory accounts. In a recent turn of events, the Government has rejected an application for funding support from Harland & Wolff, leading to the suspension of the firm's shares from AIM due to outstanding accounts. Subsequently, Harland & Wolff appointed Rothschild & Co to spearhead a sale of the business. Teneo, addressing the financial strain on the company, stated: "Liquidity pressure in the company was increasing with an imminent threat of a winding up petition being presented by a creditor." The advisory firm continued, outlining the untenable nature of the company's overheads: "Furthermore, the company's cost base was considered to be unsustainable." "Given the absence of any new funding, the directors of the company concluded that they had no alternative but to appoint Gavin Park and Matthew Cowlishaw as joint administrators of the company." As stated in Teneo's statements, the company owed its principal secured creditor approximately $210.1m (£161.9m). The company informed that, according to available data, it is unlikely that the proceeds from asset disposals will cover the debts fully. In addition, roughly 48 ordinary preferential claims are estimated to total about £130,800, tied to accrued and unused vacation time, which Teneo believes should be paid out completely from the sale proceeds. It is also facing claims from 75 unsecured creditors, who have estimated non-preferential claims amounting to nearly £1.2m. Teneo has warned that the overall claims could escalate once further details are known.

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Black Country manufacturer secures funding to boost exports and green credentials

2025-04-23 12:38:30

A Black Country manufacturer has secured new funding to support its exporting activities and improve its green credentials. Halesowen-based Swift & Whitmore has received almost £10,000 in grant finance from Business Growth West Midlands to target £8 million in sales and decarbonise its operations. The company is one of the last remaining UK manufacturers of resin-bonded abrasives, supplying more than 200 different products to customers in sectors such as aerospace, automotive, oil and gas and heavy engineering, both in the UK and internationally. Its product range includes grinders, hot pressed wheels, diamond grinding wheels and coated abrasives. Swift & Whitmore has just completed installing energy efficiency lighting throughout its headquarters and also received a productivity grant to assist with upgrading the firm's stores and logistics department, including the purchase of a new forklift truck. This latest capital injection is part of a larger £50,000 investment drive. Managing director Janette Tierney said: "The installation of the new lighting and a forklift truck will help us become more sustainable in our processes and, importantly, will also deliver cost savings in the long-term. "We're now planning to take another person on in logistics which will take our total workforce in the Black Country and our Chesterfield manufacturing operation to 50." Business Growth West Midlands is based in Dudley and funded by Dudley Metropolitan Borough Council via the UK Shared Prosperity Fund. It runs information and support services.

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Cheltenham engineering group Spirax reports growth ahead of first half

2025-04-27 01:05:56

Gloucestershire engineering firm Spirax Group has reported growth ahead of its first half despite a "weak macroeconomic backdrop". The Cheltenham-based company, formerly known as Spirax-Sarco, said its full-year outlook for the year remained unchanged. For the 10 months ended October 31, group organic sales growth at the firm was ahead of H1. Sales were also above the previous year in all three businesses, excluding currency effects. However, the firm said industrial production (IP) growth remained weak through the third quarter, with IP in its key geographic markets lower than was forecast at the time of the company's first-half results in August. Following downward revisions to second half IP expectations in Europe and North America, Spirax said the full-year forecast for global IP (excluding China) was now 0.9%, down from 1.5% in August. It added that macroeconomic conditions in China continue to "remain challenging". "Against this weak macroeconomic backdrop, we have continued to focus on driving organic sales growth and preserving our adjusted operating profit margin," the company said in a statement. Net borrowings, excluding leases, at October 31 was £642m - down from £718m on June 30. The group said it expected mid-single digit organic revenue growth for the full year and an adjusted operating profit margin broadly in line with the 2023 margin of approximately 20.0% (adjusted for currency headwinds).

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Yorkshire metals supplier Advanced Alloy Services aims for international growth with £20m funding deal

2025-05-17 01:17:12

A Yorkshire metals supplier is aiming for international growth after sealing a £20m funding package. Advanced Alloy Services, based in Dinnington, South Yorkshire, supplies high purity metals and alloys for the manufacture of high temperature superalloys. The business has received a total of £20m funding package from Santander Corporate and Commercial Banking, including, £10m trade finance, £10m invoice finance and foreign exchange and transactional banking solutions. The package will support Advanced Alloy Services as it seeks UK and international growth, helping to build its innovative critical metal recycling and recovery projects. The new financing agreement will also allow the business to expand its partnerships with UK universities, to research and develop new critical metals recovery processes with material from secondary sources. Metal recovery projects will also help towards Net Zero targets, by reducing reliance of metals from primary sources, as well as high carbon emissions from mining and refining processes. The £56.7m business was founded in 1993 as part of the historic South Yorkshire manufacturing community and in May received its first King’s Award for Enterprise in International Trade. The firm employs over 40 people who are all based in the Dinnington premises. Stephen Hall, managing director, Advanced Alloy Services, said: “With our new financing arrangement, Santander has differentiated themselves from other banks. Crucially, they have demonstrated support for the UK metals industry and with it the UK Critical Mineral Strategy, helping security of supply essential for key infrastructure. The onboarding team have been exceptional and facilitated a smooth transition in record time.” Liz Pickering, relationship director, Santander Corporate and Commercial, added: “We are delighted to have supported Advanced Alloy Services and delivered a bespoke refinance package which will support the company’s exciting opportunity for UK and international growth. Advanced Alloy Services Ltd is a well-established local business growing in its sector.

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Renishaw co-founder Sir David McMurtry dies

2025-05-16 01:14:56

The co-founder of engineering giant Renishaw has died at the age of 84. Sir David McMurtry established the Gloucestershire company with John Deer in 1973 and it floated on the stock market 10 years later. The firm's first product, the touch-trigger probe, was invented by Sir David to solve a specific inspection requirement for the Olympus engines used in Concorde. Sir David, who was knighted in 2001, stepped down as executive chairman earlier this year, but remained on the board as a non-executive director. His son, Richard McMurtry, was also appointed to the board. In an announcement to the stock market on Monday (December 9), Renishaw said it was "with profound sadness" the company had learnt of his sudden death. Sir David Grant, interim non-executive chairman, said: "David was a uniquely talented engineer and his curiosity and drive helped to create a globally respected engineering company. His legacy will live on through the culture of innovation he helped to create in Renishaw. The board's deepest sympathies are with David's wife and family." The Irish-born businessman was named in the Sunday Times Rich List for 2024, with an estimated wealth of £1.25bn - up £128m from the year previously. Renishaw posted profit before tax of £34m for the three months ended September 30 - up 22% from the £28m the year previously. Meanwhile revenue was £173.9m, representing a 6% increase compared to the corresponding period in 2023. The board said at the time it was pursuing a "range" of growth opportunities and anticipated "solid overall revenue growth" over the coming year. It added: "We also remain focused on the careful management of costs and delivery of productivity improvements, which together will help drive progress towards our margin objectives."

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New accounts reveal Hitachi Rail performance in build up to £500m rescue deal

2025-05-19 09:18:16

Revenue grew slightly across Hitachi Rail's UK operation prior to this month's announcement by Prime Minister Keir Starmer of a £500m deal which is said to have safeguarded North East jobs. New accounts for Hitachi Rail Limited, covering the year to the end of March 2024, show revenue rose 1% to £725.1m while the previous years operating loss of £41.1m - impacted by a £64m write-down of the firm's County Durham factory - was converted to an operating profit of £5.1m. But pre-tax profits fell 39% to £63.6m, mainly as a result of lower dividends, the company said. An interim dividend of £106.8m was paid during the year, less than half that of 2023's £260m dividend. Hitachi bosses said the revenue performance was helped by maintenance contract mobilisation activities. During the period the firm's Operations, Service and Maintenance division secured a contract extension worth £240m to maintain the TransPennineExpress fleet of 19 Class 802 Intercity Express Trains until 2031. In May the company made the €1.6bn acquisition of Thales' Ground Transportation Systems, which subsequently became Hitachi Rail GTS. The documents cover a period in which Hitachi bosses were working with the UK Government and industry to try and solve a looming order gap which threatened staffing levels at its Newton Aycliffe factory which employs about 750 workers. Within the accounts, Hitachi Rail's global CEO Giuseppe Marino said the team had worked extensively to get clarity on the rolling stock market and that the company had been investing in "growth opportunities in digital and green mobility". The Government's announcement of the deal to build 14 new trains for FirstGroup earlier this month was prefaced by November's unveiling of the results of a trail Hitachi had conducted with TransPennine Express and Angel Trains to run intercity trains on battery power. The technology is said to be capable of fuel cost savings between 35%-50% with just one battery managing to power a train to speeds of more than 75mph. During the trail, the train operated solely in battery mode for 70km - demonstrating its potential range to cover bridges, tunnels, stations and final stretches of routes. At the unveiling of the results, Hitachi said it was ready to deliver the next stage of full intercity battery-electric trains and that a £17m investment had built up required new skills and expanded the North East supply chain including with businesses such as Sunderland's Turntide Technologies. The deal between Hitachi, FirstGroup and Angel Trains is for 14 new five-car class 80X Hitachi electric or bi-mode trains, with a total of 70 cars. Delivery of the vehicles is expected to begin in 2027 and FirstGroup has an option to lease up to a further 13, five-car trains if necessary.

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Heinz beans factory and Stanlow refinery win Government green backing as North West continues Net Zero push

2025-04-21 19:54:34

Heinz’s massive baked bean plant in Wigan and the giant Stanlow oil refinery in Cheshire have both won Government backing to help them go green. Industry minister Sarah Jones says the latest round of Industrial Energy Transformation Fund (IETF) cash is aimed at “helping some of Britain’s favourite businesses to cut their carbon emissions” – and the scheme is now backing several North West businesses. Kraft Heinz secured £2.5m from the fund towards a £7.2m heat pump project at its Kitt Green plant, which is one of Europe’s biggest food factories. Under the project, it will change the way it heats the water it uses to blanch beans and to cook spaghetti hoops. Instead of burning fossil fuels, it will install heat pumps to reuse heat generated in other parts of the site. Saji Jacob, head of west Europe supply chain at Heinz, said: “The Industrial Energy Transformation Fund has enabled this energy efficiency project to become a reality at our largest food manufacturing plant in Europe. “It represents a critical step in our decarbonisation journey towards Net Zero. The UK business recognises the significance of the investment and is committed to further utilising this technology across our company.” This new plan follows news last year that Heinz wanted to build a £40m green-powered hydrogen plant to generate more than half of the gas it uses at the Wigan site. In total, the Government is supporting 25 emissions-cutting projects across England, Wales and Northern Ireland with £51.9m in funding through its Plan for Change to drive economic growth. Four projects around the giant Stanlow energy cluster in Cheshire secured funding through the IETF. Essar Oil UK, which runs the Stanlow refinery, secured £1.8m towards a £7.4m carbon capture study as well as £427,000 towards a £1.7m project to switch to low-carbon hydrogen. Neighbouring glassmaker Encirc secured £2.5m towards its £4.4m plan to deploy a hydrogen fuel system for glass furnaces. Encirc also secured £1.2m towards a £2.4m study on the feasibility of hydrogen-hybrid furnace upgrade at Elton. Last October, the Prime Minister and Chancellor visited Encirc glass plant in to announce £22bn in support for two carbon capture and storage (CCS) schemes, including Hynet, which stretches across the North West and North Wales. Encirc's managing director Sean Murphy said: “As a business with sustainability at its core, Encirc has been a longtime innovator in finding ways to reduce our carbon footprint, both on the manufacturing process as well as in logistics and supply chain. The regional focus is a sign of confidence for businesses here in the north west, and we hope further afield." He added: "We look forward to working with UK Government on a range of issues to ensure that the right conditions are in place to enable the sort of inclusive green growth that benefits everyone across society.” Warrington-based recycler Novelis has secured £14m towards the £63m expansion of its Latchford Locks site. The plans, first announced last year, will double the plant’s capacity for recycling used beverage cans. Novelis says it will help it to reduce the plant’s carbon emissions by more than 350,000 tonnes. Announcing the project last July, Allan Sweeney, plant manager of Novelis Latchford, said: “Thanks to technological developments, we will be able to recycle all types of UBC scrap, fostering low-carbon and high-recycled content products that support not only our own ambitious sustainability goals, but those of our customers as well.” Taylor's Farm Shop, of Ormskirk, West Lancashire, secured £988,000 towards a £1.4m combined heat and power (CHP) project. Minister for Industry Sarah Jones said: “This Government’s Plan for Change is about delivering what working people want to see in this country. In energy, that means replacing the UK’s dependency on insecure fossil fuel markets with the clean homegrown power we need to protect consumers and grow our economy. “That’s why we’ve already kickstarted a national carbon capture industry, secured a record amount of new renewable energy projects and published a plan for clean power by 2030 – genuine climate action which will create growth and jobs at the same time. “Now, we’re helping some of Britain’s favourite businesses to cut their carbon emissions too, while continuing to make the products we love – from baked beans to beer and coffee – with more than £50m in government grants. “Eight of these projects are in the North West – from Novelis aluminium facility in Warrington, to Encirc glass manufacturing in Cheshire – helping to decarbonise and create jobs around Manchester. “And thanks to our support, Heinz’s factory in Wigan – the largest in Europe – is installing heat pumps so they can reuse their own waste heat to blanch beans and boil spaghetti hoops." The minister added: “Low carbon technologies help firms save on their energy bills and production costs, meaning consumers could benefit from lower prices. “So, instead of choosing between sustainability and economic growth, we're putting businesses at the heart of our mission to become a clean energy superpower and providing the reliable and affordable energy this country needs to thrive.”

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Glenfiddich and Hendricks Gin maker sees sales near £2bn as profit tops £500m

2025-05-19 13:07:35

William Grant & Sons, the esteemed distiller behind popular brands such as Glenfiddich and Hendricks Gin, has reported a surge in sales to nearly £2bn, with profits soaring past the £500m mark during 2023. The Scotland-based company announced a turnover of £1.96bn for its latest financial year, marking an increase from £1.72bn in 2022, as reported by City AM. According to accounts recently filed with Companies House, the firm's pre-tax profit experienced a significant rise, climbing from £397.5m to £554m within the same timeframe. The company's portfolio also features well-known labels like Monkey Shoulder, Sailor Jerry, and Drambuie. Over the course of the year, William Grant & Sons saw its workforce expand from 3,120 to 3,505 employees. Chief Executive Sren Hagh commented: "Despite 2023 being a year faced with supply chain challenges and macro-economic shifts, we are proud of the growth delivered across our portfolio of leading brands and look forward to continuing to build an ever-stronger company that delivers for our customers and consumers." The board, in a statement, acknowledged: "The group expects that in the year ahead there will likely be continuing difficult headwinds." They added: "In addition economic conditions in most parts of the globe have become more challenging." "Slowing growth, commodity and energy-driven inflation and potentially taxation increases all impact the group either directly or indirectly." The statement also noted: "While high energy prices affect suppliers and operations, they also impact consumers' disposable income." "However, the brand portfolio is a key asset for the group. One of the most important objectives for the group is to build and develop its brands."

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Mars Wrigley pays out huge £600m dividend to UK owners after bumper year

2025-04-28 08:35:45

The UK division of Mars Wrigley, renowned for producing popular confectionery such as Mars bars and Skittles, has declared a substantial dividend payout of £600m following an exceptionally profitable financial year. With manufacturing facilities in Slough and Plymouth, the company has significantly increased its dividend for 2023, building on the £115m distributed in 2022, as reported by City AM. This substantial increase in dividends coincides with a rise in Mars Wrigley's UK turnover, which climbed from £1.23bn to £1.43bn during the latest financial year. According to accounts recently submitted to Companies House, the firm also saw its pre-tax profit soar from £117.4m to £245.2m within the same timeframe. The group, which also boasts brands like M&M's, Celebrations, Maltesers, Galaxy, Snickers, Orbit, and Extra, is confident in its ability to sustain high profitability. In a statement approved by the board, it was noted: "The performance for the period reflects the investment into products, brands, processes and consumer relationships as part of our on-going strategy to reflect and adapt to anticipated changes in consumer attitudes and behaviour, as well as increase the focus of key areas of the market place." The company emphasised its commitment to innovation and development, stating: "The business continues to concentrate its research and development efforts on improving its product ranges so it is best placed to service the markets in which it operates." The directors expressed optimism about the company's future prospects, asserting: "The directors consider that the company is well placed to take advantage of changes in the market place and that recent levels of profitability will be maintained." Over the year, Mars Wrigley's UK workforce increased from 1,625 to 1,785. This follows Mars' announcement of its intention to acquire food giant Kellanova for £27.9bn. Kellanova, a company formed when Kellogg Co split into three entities, owns popular brands such as Pringles, Cheez-Its and Pop-Tarts. Mars Inc confirmed in a statement that it will pay £65.02 per share in cash, valuing Kellanova at £27.9bn.

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AstraZeneca invests in future of heart health with $2bn licensing agreement for dyslipidemia drug

2025-04-28 06:30:08

Astrazeneca has entered into a licensing agreement, potentially worth up to $2bn (£1.5bn), with China's CPSC Pharmaceutical Group for the development of a novel cardiovascular drug, as announced by the company on Monday, as reported by City AM. The Anglo-Swedish pharmaceutical behemoth will make an upfront payment of $100m (£76.5), along with additional milestone payments that could reach up to $1.9bn (£1.4bn), to license a preclinical small molecule designed to treat dyslipidemia. Dyslipidemia is characterised by an abnormal or imbalanced level of lipids in the bloodstream, often leading to a significant risk for cardiovascular diseases. This deal bolsters Astrazeneca's cardiovascular portfolio, a crucial growth sector as the firm aims to broaden its range in managing cardio-metabolic diseases, including those associated with lipid disorders. Last month, the pharmaceutical company became one of the latest UK-listed firms to achieve a market valuation of £200bn, with its shares experiencing a nearly 20 per cent surge over the past year. The new drug candidate, named YS2302018, targets lipoprotein (a), which is associated with multiple cardiovascular conditions. Sharon Barr, Astrazeneca's head of bio-pharmaceutical R&D, stated: "This asset is an important addition to our cardiovascular pipeline and could help patients to more effectively manage their dyslipidaemia and related cardiometablic diseases". "With cardiovascular diseases being a leading cause of death globally", she continued, "advancing novel therapies that can be used alone or in combination to effectively address known risk factors is particularly important". This agreement arrives at a time when the demand for innovative cardiovascular treatments is on the rise, fuelled by ageing populations and increasing rates of heart disease worldwide.

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UK faces 800 Ford job losses as company adjusts for electric vehicle market

2025-04-24 00:18:16

Ford has announced plans to cut approximately 4,000 jobs across Europe, including 800 in the UK and 3,000 in Germany, as it navigates the shift towards electric vehicles (EVs). The job cuts, which represent around 14 per cent of Ford's European workforce of 28,000, are expected to be implemented by the end of 2027. Despite these cuts, Ford's Halewood and Dagenham factories will not be affected, according to the company. However, with a total of 5,300 employees in the UK, six other sites may face impact. These include a research and development centre in Dunton, Essex, and a parts distribution centre in Daventry, Northamptonshire, as reported by City AM. This move comes amidst challenges faced by European car manufacturers, who are grappling with lower-than-anticipated demand for EVs and stiff competition from an influx of Chinese carmakers. Volkswagen, a German car manufacturer, is currently planning to shut down three of its factories, reduce worker pay by 10 per cent, and lay off thousands of employees. The industry has also been hit by inflation and high energy costs following Russia's invasion of Ukraine. Today's announcement marks the second time in recent years that Ford has reduced its workforce, having previously cut 1,300 jobs in the UK in 2023. "It's not the news anyone wants to hear at any time. So our aim is to try to deliver this through voluntary redundancy," remarked Lisa Brankin, head of Ford Britain and Ireland. She further commented on the current industry climate saying: "The automotive industry is going through a period of massive disruption at the moment... We've got unprecedented competition, regulation and lots of economic headwinds."

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Sertec unveils fruits of £7m investment

2025-04-29 08:20:20

A manufacturer has invested £7 million into its West Midlands base. Sertec, which is headquartered in Coleshill, specialises in making steel and aluminium components for vehicle bodies. It has now added a new machine press to its factory which it said would significantly boost production capabilities and create 15 new jobs. It has taken 18 months and a team of 160 contractors to install the press which is now operational and which the company said would play a role in expanding its capacity to produce parts across various sectors, particularly the automotive industry. 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. Sertec Group's chief executive Grant Adams said: "The new press is a game changer and we now have the capability to significantly boost our parts production process across all sectors. "We have put a huge amount of engineering work into being able to incorporate many automated functions and pre-sets that run concurrently whilst changing coils or tools. "This has resulted in changeover times that are now exceeding expectations and offering more flexibility for manufacturing parts from this press. "The installation forms part of a wider investment into our manufacturing process which began earlier in the year. "This is now producing the returns we had planned for with more jobs created, increased production capabilities and better efficiency in our business operations.

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Aston Martin reports significant loss reduction and revenue growth amidst supply chain woes

2025-05-11 10:54:11

Aston Martin has significantly reduced its pre-tax loss by 90% in the latest financial quarter, buoyed by an increase in wholesale volumes. The company, headquartered in Warwickshire with a second factory operation at St Athan in South Wales, reported a pre-tax loss of £12.2m for the third quarter, a substantial decrease from the £117.6m loss recorded in the corresponding period of 2022, as reported by City AM. According to recent figures released to the London Stock Exchange, Aston Martin's revenue saw an 8% rise to £391.6m during the same timeframe. The firm acknowledged it has faced challenges such as supply chain disruptions and a softening of the market in China. For the quarter ending 30 September, the luxury car manufacturer's wholesale volumes reached 1,641 units, marking a 14% year-on-year increase. Despite this quarterly upturn, total wholesale volumes for the year-to-date have fallen by 17% compared to 2023, with a current figure of 3,639 units. Adrian Hallmark, the Chief Executive Officer who took the helm at Aston Martin in September, commented: "Having only joined Aston Martin in September, I can already clearly see growth opportunities for the company as we bring incredible products to market and deliver on our vision to be the world's most desirable, ultra-luxury British performance brand." He added: "We recently launched Vanquish, successfully completing the most diverse, dynamic and desirable portfolio in the luxury segment." Mr Hallmark also highlighted the positive reception of their V12 flagship model by the media, stating: "Recent media reviews of our V12 flagship highlights the strength of Aston Martin's products, which now truly align with our ultra-luxury high performance strategy. "Long-term value creation and sustainable growth are key priorities as we look forward to Q4 2024 and beyond. "We will deliver our fully reinvigorated portfolio to market efficiently and maximise the considerable commercial potential, including greater personalisation opportunities, to further strengthen the order book. "In addition, we will drive profitability through a forensic approach to cost management and unrelenting focus on quality with a more balanced delivery profile in the future for our full range of new core models. "Improved financial and operational performance in Q3 2024, demonstrates our strategy's effectiveness.

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Rolls-Royce shares tumble after broker slaps 'neutral' rating on them

2025-05-02 18:01:20

Shares in Rolls-Royce dipped over three per cent in early trading today following a downgrade by analysts at investment bank Citi. The FTSE 100 giant's stock was downgraded from a 'Buy' to a 'Neutral' rating, despite an increase in the price target from 555p to 641p. Currently sitting at 576p, the analysts stated that the expected upside was not sufficient to maintain a Buy rating. Despite a strong recovery since the pandemic, they noted that the stock is nearing what they consider to be its fair value, as reported by City AM. In 2024, Rolls-Royce was the second-best-performing stock on the FTSE 100, with shares in the engineering giant returning more than 90 per cent for the year. Over the past two years, the shares have soared by over 500 per cent and despite this morning's dip, they are still up more than 85 per cent over the past 12 months. The Derby-based giant has benefited from a recovery in the aviation sector and growing interest in nuclear power, while retail investor interest has driven its price upwards. Despite Citi's downgrade, most analysts still rate Rolls-Royce as a 'Buy', with 10 holding an overweight rating compared to just one sell, according to data from the Wall Street Journal. However, some analysts agree with Citi that the firm's high price is approaching a fair value price. "We believe that Rolls-Royce needs to further progress on its transformation programme before it can be valued on metrics comparable to General Electric," Deutsche Bank analysts stated in their most recent broker note on the company. Meanwhile, Panmure Liberum noted in November that while the stock had exceeded its price target of 400p, "that is not surprising as the treating process is not linear and, in this case,it is the three-year target which matters." The broker's three-year price target for the stock stands at 665p. Russ Mould, investment director at AJ Bell, commented: "Stock market darling Rolls-Royce saw its engines splutter after Citi downgraded its rating on the stock to ‘Neutral’ from ‘Buy’ on valuation grounds. Even though Citi raised its price target for the stock, investors appear to have taken the rating downgrade as a signal to lock in some profit." "Rolls-Royce has been a runaway success for investors in recent years as its recovery story gained traction. The turnaround opportunity is now looking like old news and investors increasingly want to hear about the next phase of the company’s growth, not simply what it is doing to get back on track as that looks to have already happened." This downgrade followed the news that an Airbus A330 engine caught fire shortly after takeoff from Atlanta en route to Brazil on the first day of the new year. Upon departing from Atlanta airport and reaching an altitude of 4,725 feet, the crew aboard the Delta aircraft reported a fire in one of its Rolls-Royce Trent 7000 Engines, attributed to a mechanical issue. The plane made an emergency return to the airport, resulting in a "heavy landing".

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Former Tata Steel boss leaves part of £91m estate to his dog

2025-05-18 02:11:18

The former chairman of Tata Steel Ratan Tata, who died earlier this month, has left part of his £91m estate to his dog. In the highly unusual move Mr Tata included in his will his German shepherd Tito as well as his chef Rajan Shaw and his butler Konar Subbiah. Mr Tata, who also took control of Tetley Tea, Corus Steel and Jaguar Land Rover, died aged 86 on October 9. He was cremated in Mumbai a day later with full state honours while well-wishers queued outside to bid him farewell. While he never married or had children, Mr Tata is survived by his brother, Jimmy Tata, and his half-sisters Shireen and Deanna Jejeebhoy. Those closer to Mr Tata might be less surprised by the move. He was said to have always treated his servants as equals, while he was known for his love of animals. Read More: Italian firm to build new £1.2bn electric arc furnace at Port Talbot Read More: New interim CEO of Chambers Wales "My love for dogs as pets is ever strong and will continue for as long as I live," he said in 2021. "There is an indescribable sadness every time one of my pets passes away and I resolve I cannot go through another parting of that nature. And yet, two-three years down the road, my home becomes too empty and too quiet for me to live without them, so there is another dog that gets my affection and attention, just like the last one." You can get more story updates straight to your inbox by subscribing to our newsletters here. Mr Tata's love of dogs hit the headlines in 2018 when he turned down an invitation to Buckingham Palace from the then Prince of Wales and now King Charles because his dog was ill. While exact figures have not been revealed, it's understood the figures left to Mr Shaw and Mr Subbiah mean they'll never have to work again, while Tito has also been left a generous sum. A friend of Mr Tata told The Times Mr Shaw and Mr Subbiah had been good friends of Mr Tata, often attending family parties at his plush home in Colaba, Mumbai. The Tata Group is one of India's largest companies with annual revenues in excess of $100bn (£76.5bn). In a statement announcing Mr Tata's death, the current chairman of Tata Sons described him as a "truly uncommon leader".

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Shipyard A&P Tyne completes work on submarine hunter components for Royal Navy

2025-04-21 21:05:22

Workers at a Tyneside shipyard have finished work of key pieces that will be used to build one of the Royal Navy's new submarine hunter frigates. A&P Tyne, which operates the largest dry dock on England's east coast at Hebburn, has announced the completion of four stern end units for the Type 26 Ship 3, HMS Belfast. The firm is supplying BAE Systems which is building eight ships which are expected to enter service between 2028 and 2035. As part of the APCL Group with Cammell Laid, A&P spent 10 months fabricating the components which have now been delivered to BAE's Govan facility on the River Clyde. The four steel structures weigh 220-tonnes in total and include welded hot work items - which A&P says demonstrates the capabilities at it has at Hebburn, including CNC machinery, sub-assembly bays, a panel line, and its main assembly hall. Ian Douglas, managing director of A&P Tyne, said: "A&P Tyne has completed block build units for some of the most significant ship building projects in recent time – including the Queen Elizabeth Aircraft Carriers and the RRS Sir David Attenborough. A&P Tyne is delighted to have delivered units for Ship No3, HMS Belfast, of the Type 26 frigates and build on our collaboration with BAE Systems. David McGinley, APCL CEO, said: "We are extremely proud to be playing such a significant role in the production of vessels which will help form the backbone of our nation’s future defence. Our skilled workforce, along with our valued apprentices, have been working with their customary professionalism and dedication to ensure this work has been completed to the very highest standards." The latest work to come out of A&P's Tyneside yard follows 2023 results for the firm, published earlier this year, which showed a 6% boost in turnover to £100.2m as bosses said occupancy levels at the Hebburn facility had increased. A&P said it was focussing efforts on its Tyneside and Falmouth yards where a strong pipeline of military work was in its sights. Work on the Tyne has included the group's largest contract to date, on the Dreadnought Class submarines for BAE Systems. That has been underpinned by repeat business from customers with smaller dredging and offshore support vessels.

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JLR defies metal supply problems to see ‘resilient’ second quarter as electric vehicle push continues

2025-05-16 01:27:21

Car giant JLR has reported its eighth successive profitable quarter despite a “temporary aluminium supply constraint” that hit production and profit levels. The Jaguar and Land Rover owner reported revenues for the three months to September 30 of £6.5 billion, down 5.6% year on year. Revenue for the half year was flat, at £13.7 billion. JLR said Q2 profit before tax and exceptional items (PBT) was £398 million, down 10% year on year. Overall first half profits rose by 25% year-on-year to £1.1 billion. The company said the aluminium supply issues hit its Q2 figures, but said production and wholesale volumes “are expected to recover strongly in the second half of the year”. Full year guidance for revenue remains unchanged at circa £30bn. The Warwickshire-based group also said its Reimagine electric vehicle transformation was continuing at pace. More than £250 million has so far been invested at its Halewood site in Merseyside to adapt it for electric vehicle manufacturing, with JLR planning a total £500m investment at the site. Work has already included “several kilometres” of new EV production lines and automated robots. Also at Halewood, the company is installing renewable energy equipment to help remove 40,000 tonnes of CO2 emissions. It will be reusing £16 million worth of equipment from JLR’s Castle Bromwich site. JLR’s Wolverhampton Electric Propulsion Manufacturing Centre is now producing new V8 engines to offer Range Rover and Range Rover Sport clients the full range of internal combustion engine, plug-in hybrid and battery electric vehicle powertrains in line with client demand. JLR says 2,900 orders have been taken for its recently launched Defender OCTA, retailing at £145,000. It says the new Range Rover Electric “continues to generate strong global interest” with over 48,000 clients signed up to its waiting list. This year JLR launched a bespoke exclusive Range Rover for the Indian market, the tiger-inspired Ranthambore Edition. All 12 units, each with a “bespoke deep black body colour with a rich red shimmering effect” sold at £455,000 The company also teased that the next stage in Jaguar’s transformation would be revealed at Miami Art Week on December 2. Adrian Mardell, chief executive officer at JLR, said: “JLR has delivered a resilient performance in Q2, resulting in a 25 per cent increase in first half profits year-on-year. “Our teams responded brilliantly to the aluminium supply shortages we experienced in the quarter, so we could deliver as many orders as possible to clients. “We continue to make good progress delivering our Reimagine strategy. We have invested £250m so far to prepare our Halewood UK plant for electric vehicle production and with strong global demand for our products, we are well positioned to deliver on our commitments again this financial year.”

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New strike dates set for Tetley Tea workers amid continuing pay row

2025-04-29 23:28:42

Tetley, known as a beloved tea brand across the country, is steeling itself for further upheaval amid an escalating pay dispute. The GMB Union has set 12 additional strike dates which will have nearly 150 employees ceasing work due to what they term as "poverty pay", as reported by City AM. These industrial action dates are slated to take place throughout the next two months, with confirmation of specific days anticipated shortly. GMB representative Paul Clark commented: "These hard-working, loyal and skilled, predominantly women workers have been backed into a corner by poverty pay and bullying bosses." "They're fighting back in the only way they can." "Tetley Tea workers feel saddened and hurt by the way their employer has treated them." "But refuse to back down and will continue to strike until management listens to their concerns." These developments come on the heels of last month's decision by GMB members to engage in industrial action, resulting in strikes on Friday, 20 September, and Monday, 23 September. This series of events follows July 2023's warnings from Tetley Tea's workforce regarding potential strike actions. Such action would have involved 150 employees walking out starting 3 August. Nevertheless, within weeks, GMB members agreed on a revised pay proposition. The 200-odd workforce gave the nod to a 7% pay increase, retroactively applied from 1 April, 2023, marking a substantial improvement over the initially declined offer of a 4.25% rise. However, this was significantly below the 12 per cent that Tata, the owner of Tetley, had previously indicated to City AM that the union was aiming for. Earlier this month, Tata Consumer Products, the manufacturer of Tetley Tea, initiated legal proceedings against the GMB Union in the English High Court. The specifics of the claim are not yet disclosed, with the case categorised as miscellaneous. City AM has learned that the company is allegedly suing over supposed trespassing by striking workers.

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Harland and Wolff: Titanic shipbuilder calls in administrators and jobs to be cut

2025-05-04 22:25:19

Famous shipbuilder Harland and Wolff, known for constructing the Titanic, has entered administration once again and announced job cuts as it grapples with insolvency for the second time in five years. While the 162 year old holding company faces administration, its subsidiaries, including the renowned Belfast shipyard, will continue operations under directorial control, according to a company statement. The parent company, which currently has a workforce of 66, is poised to see job cuts. "The administrators will unfortunately be required to reduce the headcount upon appointment," company officials disclosed in a market statement. "A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the administrators." Harland & Wolff had previously signalled that administration was looming after enduring months saddled with significant debt, as reported by City AM. Efforts by the shipbuilder to stave off collapse have been ongoing, including attempts to secure government support. However, a critical £200m loan guarantee request was turned down by the Labour government in July. In a recent market update on Friday afternoon, the AIM-listed parent company announced it had appointed Teneo to manage the insolvency proceedings. The firm's subsidiaries across Northern Ireland, Scotland, and England remain outside the scope of the insolvency process. Rothschild & Co, the investment bank, was enlisted in July "to assess strategic options for the Company and its subsidiaries". The firm stated today that this process "remains ongoing and further updates will be made as appropriate." However, it reaffirmed that the strategic review will not result in any returns to shareholders of the parent company. Following the appointment of administrators, the company also announced the resignation of Cavendish Capital Markets Limited as nominated adviser and joint broker. Earlier in September, Harland & Wolff's shareholders accused the shipyard and both major political parties of misleading investors about its financial future. The company has seen a departure of senior executives leading up to the collapse, including its CEO in July and finance chief earlier this month. Chairman Malcolm Groat also stepped down in August, and two other non-executive directors resigned.

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Go Ahead makes £500m investment into zero emissions buses, creating 500 new jobs

2025-05-19 12:30:44

A £500m investment by North East transport operator Go Ahead is set to create up to 500 new manufacturing jobs. The Newcastle-based bus and rail business has announced the major investment as part of moves to decarbonise its fleet, a strategy which includes creating a new manufacturing line and partnership with Northern Ireland-based bus manufacturer Wrightbus. The investment is set to fund up to 1,200 new zero emission buses over the next three years for Go Ahead, accelerating its transition to greener buses across the country. For every vehicle manufactured, 10 trees will be planted by Go-Ahead and Wrightbus in the towns and cities where the buses are deployed. Go-Ahead Bus CEO Matt Carney said: “This multimillion-pound investment and partnership with WrightBus will accelerate the transition to zero-emission fleet across the UK. We are proud to be working in partnership with the UK Government and local authorities to deliver transformational environmental change for communities, while supporting UK jobs and the growth of the country’s supply chain.” Wrightbus CEO Jean-Marc Gales said: “The deal with Go-Ahead is hugely significant and represents a huge boost to the UK’s economy. It will support homegrown manufacturing, jobs and skills for the next three years and beyond. We’ve always been proud to support the UK’s supply chain and our Go-Ahead partnership will ensure even more money can be spent securing good green jobs. “We must also not forget that this deal represents a massive step forward in our ambition to help decarbonise the transport sector with our world-leading products. It was heartening today to hear the Government reaffirm its commitment to a green transport sector.” The announcement comes ahead of the International Investment Summit which will gather UK leaders, high-profile investors and businesses from across the world. Transport Secretary Louise Haigh is also set to announce the creation of a new UK bus manufacturing expert panel, which will bring together industry experts and local leaders to explore ways to ensure the UK remains a leader in bus manufacturing, help authorities deliver their transport ambitions, and take advantage of growing opportunities within zero emission transport technologies. Ms Haigh said: “The number one mission of this Government is growing the economy. The half a billion pounds Go Ahead is announcing today shows the confidence industry has in investing in the UK. This announcement will see communities across the country benefit from brand new, state of the art green buses – which will deliver cleaner air and better journeys.

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Swizzels Matlow sees profits halve despite sales surge to nearly £100m

2025-05-11 17:08:22

Swizzels Matlow, the confectionery company known for Love Hearts and Refreshers, saw its profits halved in its most recent financial year, despite a surge in sales to nearly £100m. The firm, based in the Peak District, reported a pre-tax profit of £4.4m for 2023, a significant drop from the £8.2m recorded in 2022. According to recently filed accounts at Companies House, Swizzels Matlow's turnover rose during the same period from £89.3m to £96.6m, as reported by City AM. The company's UK turnover increased from £76.6m to £80.8m over the year, while its European sales also grew from £10.1m to £13.2m. However, its sales in other global markets remained steady at £2.6m. Over the course of the year, the average number of employees at Swizzels Matlow increased from 561 to 578. These results follow the completion of a new manufacturing and warehouse site in Middlewich, Cheshire. The new facility is expected to significantly boost production capacity, according to Swizzels Matlow. A statement approved by the board read: "The group continues to invest heavily in new equipment in order to improve efficiency and product quality." During the year, Swizzels Matlow reached an agreement with M&S following accusations that it had copied its Percy Pig sweets. As part of the "amicable resolution", Swizzels Matlow agreed to alter the design of its Pigs Mugs sweets. M&S initially claimed in November 2022 that the sweets were too similar to its own. As per a 37-page document submitted to the High Court in London, since its inception in 1993, the Percy Pig brand has amassed a turnover of £131.7m.

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