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Work on £1m Falmouth floating offshore wind facility 'well under way'

2025-05-06 16:37:55 By

Work on a £1m project to support new floating offshore wind farms off the coast of Cornwall is well under way.

Falmouth Docks owner APCL Falmouth is creating a special facility, with 30,000 square metres of laydown space between County and Duchy Wharfs, that will be used for marshalling components for the wind farms.

The site is next to the quayside to allow access for jack-up and other construction vessels during installation operations.

So far, around 10,000 square metres of unused sheds have been demolished and improvements to 20,000 square metres of quayside space, including resurfacing, is under way.

The £1m investment is being part-funded by the Cornwall and Isles of Scilly Good Growth Programme, which is managed by Cornwall Council. The programme is meeting half of the cost, with £502,500 from the UK Shared Prosperity Fund.

Louis Gardner, Cornwall Council portfolio holder for the economy, said: "This vital infrastructure investment is among a suite of floating offshore wind-related projects funded by the Good Growth Programme to ensure that Cornwall is at the forefront of this economic and environmental opportunity. It will ensure that the Port of Falmouth remains a strategically important economic asset while boosting key sectors including renewable energy, engineering, and marine."

The Crown Estate, which manages the seabed around England, Wales, and Northern Ireland, has set a target of 4.5GW of floating offshore wind electricity-generating capacity in the Celtic Sea by 2035 - enough to power four million homes.

The first three wind farms alone will need more than 260 turbines, each up to 300 metres tall and mounted on a floating platform about the size of a football pitch. They will require 1,000 anchors to secure them to the seabed, with at least 300km of mooring lines and 900km of cables to link the turbines with the grid onshore.

Drystan Jones, director port development for APCL Falmouth and director and general manager of Falmouth Docks and Engineering Company, said: “APCL is committed to modernising the existing infrastructure to ensure the port can meet the changing demands which are placed upon it, which includes supporting the growth of floating offshore wind and growing cruise activity in Cornwall.

“This project is the first phase of a programme of modernisation, which will see investment in APCL Falmouth, which will underpin social and economic growth in Cornwall.”

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Government to continue funding South West powerhouse - despite plans to scrap similar initiatives elsewhere

2025-05-06 16:37:55

The Government has agreed to continue funding a partnership aimed at making the West of England a powerhouse, despite looking to scrap similar initiatives elsewhere. The Great South West provides a unified voice for Cornwall, Devon, Dorset and Somerset in Westminster. It also plays a pivotal role in securing investment and driving business growth across the region - and the wider UK economy. Those involved in the initiative have hailed the announcement, which followed an extensive national consultation on pan-regional partnerships across England. The consultation saw the Government receive more submissions from the South West than any other English region, with leaders from industry, education, academia and local government highlighting its importance to the UK. It was feared funding for the Great South West could be axed following chancellor Rachel Reeves' Budget last November. Karl Tucker, chair of the Great South West Partnership, said: "This announcement is a clear endorsement of the South West’s vital role in delivering national priorities – from energy security and net zero, to defence and advanced manufacturing. "Thanks to the powerful coalition we have built across business, education, and local government, the Government has recognised the unique case for our region and the continued importance of the Great South West." The Great South West will now work with ministers and officials to determine the next steps, it said. In February, deputy prime minister Angela Rayner confirmed no new mayoral structures would be established in the South West under the first wave of new devolution plans, with no arrangements in the region likely to be in place for some considerable time. "This announcement reinforces the urgent need for the Great South West to continue to work together, to present a unified voice into Government and on the national stage," a spokesperson for the partnership said. Councillor Millie Earl, vice chair of the Great South West and leader of BCP Council, has now called for "long-term certainty" to help with future planning. "We cannot afford to lose the momentum we’ve built," she said. Clive Higgins, chief executive and chair of Leonardo UK and Great South West board member, said it was "critical" the region’s leaders worked together to showcase the South West on the national stage. "We must continue to champion the South West as a global leader in defence, advanced engineering, manufacturing, clean energy, aerospace and so much more," he added. The Great South West Partnership will now work with partners across business, education, and Government to determine how the region continues to have a "unified and clear voice" in Westminster. While these discussions progress, a full programme of activity will continue to be delivered, it said. The partnership will be hosting the fourth in its series of events at Westminster on March 18, showcasing the region’s strategic inward investment opportunities to investors, ministers and international trade missions.

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Dartmoor scheme with Co-op and drive-thru secures £2.1m for first phase

2025-05-06 16:37:55

A retail development on the edge of Dartmoor National Park that includes a Co-op supermarket and drive-thru café has secured major funding. Gloucestershire-based property company Blackfinch has provided a loan of more than £2m to support the first phase of the Dolbeare Meadow scheme in Ashburton. Initial work will include a 4,300 sq ft Co-op convenience store, which is already pre-let, and "essential infrastructure". Plans for later stages include the drive-thru café, an electric vehicle charging park, and several business units. The controversial scheme was approved in 2023, despite locals raising concerns about the arrival of a drive-thru chain, according to Devon Live. However, the developer said at the time the mixed-used scheme would bring jobs and would not threaten town centre trade. There were 21 letters of support in favour of the application, as well as seven neutral comments, while there were 70 objections. David Diemer, investment director at Blackfinch Property, said, “We are delighted to have completed this development facility with Poppy Holdings to support the first phase of their mixed-use scheme on the edge of Dartmoor National Park. "Their focus on sustainable construction and sensitivity to the location, while maintaining financial viability, made partnering with them an easy decision. We look forward to working with them on this and future phases of the development.” William Palk, partner at Poppy Properties, added: “Since early 2024, we have had the pleasure of working with Blackfinch on Dolbeare Meadow. Their expertise and collaborative approach have been invaluable in securing funding to bring our development to fruition." The £2.1m loan carries a loan-to-value of 65% and supports a gross development value of £3.26m over a 14-month term, Blackfinch said.

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More than 200 North businesses boosted by NPIF II funding in first year

2025-05-06 16:37:55

More than 200 businesses across the North have tapped into a new investment fund in its first, new figures have revealed. In its first year since launching, the Northern Powerhouse Investment Fund II (NPIF II) has completed the significant number of investments into small businesses, totalling more than £80m. The investments have been delivered by the NPIF II fund managers – Praetura, FW Capital, River Capital, Maven Capital Partners and NEL Fund Managers – across the North West and North East, helping ambitious businesses to access small loans, debt, and equity finance options. Operated by the British Business Bank, NPIF II is a £660m fund that provides loans and equity finance options for Northern smaller businesses that might otherwise not receive investment. It builds on the success of the first Northern Powerhouse Investment Fund which was launched in 2017, having been extended to include the whole of the North by expanding its reach to cover the North East. NPIF II provides loans from £25,000 to £2m and equity investment up to £5m to help businesses start up, scale up, and stay ahead, and its first year of operation has seen a range of businesses tap into financial support, as well as business advice through its well-established support network. In the North East, a number of growing tech companies have tapped into funding, including Newcastle fintech firm, Kani Payments, which received multimillion-pound investment from NPIF II - Maven Equity Finance alongside Maven VCTs. The funding has helped to power Kani into its next growth phase of growth, enabling it to ramp up work on its platform, grow its team, and expand internationally. Meanwhile in Stockton-On-Tees, workplace mental health support platform OptiMe, secured a five-figure investment from NPIF II - NEL Smaller Loans to help it accelerate growth, boost its technology, and expand its team. Sarah Newbould, senior manager at the British Business Bank, said: “The North East is full of ambitious, driven entrepreneurs, and the Northern Powerhouse Investment Fund II exists to support them in taking their businesses to the next level. Whether it’s cutting-edge tech companies like Kani Payments or innovative, female-led wellbeing businesses like OptiMe, we’re committed to backing the trailblazers who are shaping the future of the region. “More than £80m has already been invested across the North in NPIF II’s first year, and that early momentum shows just how much appetite there is for growth. It’s been especially rewarding to support businesses leading the way in innovation, sustainability, and inclusivity and there’s so much more to come.” In Yorkshire, veterinary practice Claro Hill Vet received a £90,000 loan from NPIF II – BEF Smaller Loans which has helped it to safeguard seven existing roles and create four new jobs. Launched by Laura Keyser in 2024, the funding also provided stability to the practice, which gave it the security to successfully reach its target of £500,000 in turnover in its first year. In Leeds, 75Media secured a seven-figure investment from NPIF II - Mercia Equity Finance to accelerate the development of its AI-driven booking platform. Meanwhile in the North West, companies which have received help include Manchester-based café, Black Milk, which secured funding from NPIF II - GC Business Finance and River Capital Smaller Loans to support its development into a national food brand. It was originally launched as a cereal café, but now supplies spreads and granolas to major retailers including Selfridges, Co-op, and Amazon, after funding enabled it to scale production. Over in Merseyside, Knowsley’s Central Group secured £700,000 from NPIF II - FW Capital Debt Finance to accelerate innovation and create eight new jobs. The funding is driving its collaboration with the University of Liverpool and Liverpool John Moores University on a Knowledge Transfer Project, focused on AI-powered diagnostics and maintenance. With NPIF II support, Central Group is advancing next-gen technology to enhance performance and reliability in industrial drive systems. The Padel Club also raised £1.5m in funding from NPIF II - Praetura Equity Finance in one of the first deals in the North West, a deal which is powering its growth plans through the opening of its new site in TraffordCity. Sue Barnard, senior investment manager at the British Business Bank, said: “With thousands of new businesses launching in the North in 2024, the region is full of ambitious and driven entrepreneurs and NPIF II is helping them to take their businesses to the next level. From a thriving café like Black Milk in Manchester, to Knowsley-based electromechanical specialist Central Group, and The Padel Club in Cheshire bringing an up-and-coming sport to the region, we’re backing businesses with big ideas and strong local roots.” Adam Kelly, managing director, co-head of funds at the British Business Bank, said: “Our focus has always been towards helping smaller businesses achieve their ambitions by gaining transformational access to finance. From fintechs to workplace wellbeing apps, the Northern Powerhouse Investment Fund II has done exactly that by empowering local business leaders and entrepreneurs to grow their organisations.

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North East business leaders gather to promote investment into female-founded high growth companies

2025-05-06 16:37:55

A scheme that wants to drive more investment to female-led business in the North East has established a board of notable regional business leaders. The Lifted Project intends to steer capital towards female-founded, high growth businesses and is a five-year project that is aligned with the Government's Investing in Women Code - a national effort to support female entrepreneurship. It is described as a data-driven approach, which uses regional insights to uncover latent high growth businesses. Now, a Newcastle-based board has been created to steer the projects involvement in the region, alongside four other cities in Scotland and the North including Edinburgh, Birmingham, Leeds and Liverpool . The board - led by chair, Debra Leeves and vice chair, Fozia Saleem - includes six sub-groups that will focus on finance, marketing and sign-posting, events for female entrepreneurs, role models, policy and angel investors. Forming the group are Gill Hunter, managing partner of Square One Law; Emma Gaudern, CEO of EMG Solicitors Ltd; Rebecca MacDermid, investment manager at Maven Capital; Michelle Jones, founder of Kind Currency, and angel investor Shkun Chadda. They are joined by Nina Walton, co-founder of Transforming Brands; Jenny Halford, sector development manager of fintech and digital at Business Durham; Chris Black, divisional director at Brewin Dolphin, and Jo Clough, director of regional development at Lloyds Banking Group. Also on the board is Wenyan Sharp, UK marketing director at SolaX Power; Shaun Fooy, senior manager UK network - North East England and Tees Valley at the British Business Bank; Dr Anupama Sethi, director of business development at Sterling Pharma Solutions, and Naomi Allen Seales, investment manager at Northstar Ventures. The group is completed by Hannah Wade, managing director of CPI Enterprises; Marie Labus, CEO of AMLo Biosciences; Joanne Lant, CEO of Lant Medical; Marie Whitehouse, chief operating officer at NunaBio and Estelle Blanks, director of business development and enterprise at Newcastle University. Jordan Dargue, an early stage investment connector who co-founded Lifted Ventures, said: "We are on a mission to establish the North East as the premier investment capital for women and ensure the region becomes a thriving hub for women's success. Newcastle and the wider North East region have a wealth of smart and talented women starting their own businesses or leading scale-up businesses, but when it comes to securing the funding they need, it’s evident that they do not receive as much as their male counterparts. "This is an inequity that needs fixing for the benefit of the region and the economic growth of the UK. The Newcastle regional board is passionate about making change happen but know that successful businesses are not built on passion alone. More support is needed and that’s exactly what The Lifted Project is looking to address.”

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New crypto platform Bitpanda to launch in the UK after winning FCA approval

2025-05-06 16:37:55

European cryptocurrency platform Bitpanda is gearing up to broaden its reach within the UK market, having secured the green light from the City watchdog. The Financial Conduct Authority (FCA) has given Bitpanda the thumbs-up to introduce its extensive range of 500 cryptocurrencies to British investors, as reported by City AM. Bitpanda's foray into the UK intensifies the heat on traditional banks, which are already grappling with the innovative prowess of fintechs and challenger banks. Speaking to City AM, Deputy CEO Lukas Enzersdorfer-Konrad laid out the stark options for UK banks: "The choice for UK banks is clear – either they develop a solution to offer trading to their users, or those users will look for an alternative." He continued: "People want their money to do more, they want more choice in what they can invest in and when and how they can invest." "They want convenience but not at the cost of security." Enzersdorfer-Konrad pointed out that it was precisely this consumer demand that gave rise to fintechs and challenger banks, urging traditional banks to leverage platforms like Bitpanda to "deploy a world class solution in a few months, rather than an in-house version that might take years." "On the broker side we think there is a huge opportunity to deliver secure crypto trading to millions of investors." "The demand is there, people want simple access to the market with a company they can trust," he elaborated to City AM. The Vienna-headquartered firm is set to make a "bold statement" as it brings its staking, savings plans, and crypto indices to the UK clientele.

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Private equity investment in South West rises but deal volumes fall

2025-05-06 16:37:55

West Country firms attracted billions of pounds of private equity investment last year although the total number of deals fell slightly, a new report has found. Investment activity in the region grew by 3.4% over the year to £6.2bn, according to the latest UK Private Equity Review from KPMG UK. The findings reflect a period in which the UK experienced a more stable economic climate, with interest rates and inflation falling; greater political certainty following elections; and a surge in transactions ahead of anticipated changes to capital gains tax. Across the region, there were 100 deals in total - dropping from 104 the year before. KMPG said the fall was driven by suppressed deal volumes in H1, followed by strong recovery in H2, with the Autumn Budget contributing to transactions increasing by 32.6%. Investment in the South West accounted for 3.9% of total new private equity backing in the UK. London continued to deliver the greatest interest from private equity funds, attracting £78.1bn of investment, ahead of the North West (£20bn) and the South East (£15.8bn). John Levis, head of corporate finance in the South West at KPMG UK, said: “It’s great to see PE activity in the South West increase in 2024 – testament to the ambition of the region’s innovative businesses. “Generally, firms have started 2025 with much more clarity and confidence on the economic landscape ahead of them and the prospect of further cuts to interest rates that would serve to stimulate M&A. We’re looking forward to seeing South West businesses continue their growth journeys and attract further investment as a result.” Nationally, total private equity investment activity in the UK increased last year. There were 1,699 transactions, with a total value of £158.9bn invested in British companies - an almost 12% increase in deal values from 2023. The majority of deal activity took place in the second half of the year, with values increasing to their highest level since the first half of 2022. Alex Hartley, head of corporate Finance at KPMG UK, added: “There are encouraging signs from the 2024 data that deal activity may have bottomed out in the UK in 2023, as we saw activity, both in volume and value, pick up last year. In particular, we saw significant activity in the second half of the year as many business owners tried to get ahead of expected changes to capital gains tax. “Given the current signals in the market around increased activity levels – alongside reducing inflation and interest rates and greater political certainty – there is cautious optimism that UK private equity deal activity will see further growth through 2025 and 2026.”

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UK's oldest lido to remain shut after flooding damage

2025-05-06 16:37:55

A historic lido in Bath which is believed to be the oldest in Britain will remain closed while work to repair flood damage is carried out. Cleveland Pools reopened in 2023 after a £9.3m restoration, but was forced to shut in January last year after heavy rain caused 'serious damage'. The charity behind the lido has now said it is continuing to investigate the issues caused by the flooding. Paul Simons, chair of the Cleveland Pools Trust, said he was grateful to the public and volunteers who are supporting the project. “The Cleveland Pools trustees regret the prolonged closure of the pools," he said. "In the period since the flood extensive investigations have been conducted into the flooding incident, which caused serious damage to the pools’ operating plant and machinery in its plant room. "There has also been some damage to the surrounding areas of the main pool and the focus of the ongoing technical investigations is on the nature and extent of damage to the pool structure itself and connecting pipework." Mr Simons said the charity was looking at options for recovering the cost of fixing the damage to allow the pools to reopen. But he admitted he was "unable to put a timescale" on when that would be. "The trust shares the frustration of the public that the pools remain closed but wishes to reassure them that as a registered charity run and managed by volunteers, it continues to use its best endeavours to find a solution to allow the pools to be brought back into use as soon as is practically and viably possible," he said. Cleveland Pools is a grade-II listed site that opened as a river-fed pool in 1815 and was used for public swimming. The venue closed in 1984 and was used for a while as a trout farm before facing the threat of demolition in 2003.

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Spring Statement 2025: 'Business confidence can’t take any more blows'

2025-05-06 16:37:55

With inflation at 3%, the Bank of England base rate unchanged at 4.5% and the economy unexpectedly shrinking in January this year, it is unsurprising that the news media landscape paints a picture of doom and gloom. It’s a cycle as old as time; people are worried, the news reflects this concern, and it in-turn aggravates the sense of unease. All of this breeds caution, and caution in a business can be stifling. Once again, what businesses need from the Government is a reason to be optimistic. We are now five years down the line from some of the biggest challenges businesses have faced, and the road since 2020 has been an uphill climb of recovery. Those that survived Covid-19 and the payback of Covid recovery finance have also managed rising overheads and tax commitments. Those businesses, the ones that have diversified, made smart decisions and have thrived against the odds, now need a breather. More than that, they need a return for their resilience. More grants for skills investment, better tax incentives for investment, a fairer business rates system for all sectors - these are all things that would help ease the growing strain on our country’s SMEs. One of the Government’s fiscal rules is to bring down domestic debt, and spending cuts are likely to dominate on Wednesday. Based on that, we can’t expect tax cuts for businesses. Increased wage bills and rises in National Insurance are very real challenges for business, and both are impacting their recruitment choices and cashflow. This has a knock-on effect on employment, but it is also another factor in stifling business growth. What businesses need are measures that counterbalance these challenges. For instance, the Government could go further with its Business Rates relief for SMEs that fall outside of retail. They could also introduce more flexibility to tax deadlines - or even simplify the process - alleviating the administrative burden on SMEs - freeing them up to prioritise revenue generation. Ultimately, the Government is unlikely to reduce tax, but what it can do is make running a business as smooth as possible, which will fuel the entrepreneurial spirit and optimism our country’s SMEs thrive on.