Bosses from Sheffield healthcare firm One Health Group opened the London Stock Exchange on Thursday, marking the firm's admission to the AIM market.
Simultaneously, the provider of surgical services to the NHS has raised £7.3m via a share placing, and a further £480,000 through retail and open offers. The total net proceeds will now be used to fund, alongside existing cash, the group’s first owned surgical hub.
That facility is expected to cost between £8m-£9m and will be operational within a year of construction starting. It is anticipated the hub will deliver revenue of between £6m-£9m each year.
One Health was set up in 2004 and provides NHS care for patients who are referred for treatment in orthopaedics, spine, general surgery and gynaecology. The firm - which works with more than 100 professionals across nine independent hospitals and 37 outreach clinics - had been trading on the AQSE Exchange since November 2022.
As a key supplier to the NHS in West and South Yorkshire, North and South Lincolnshire, Derbyshire, Nottinghamshire and Leicestershire, One Health services are largely provided through NHS e-referral, which allows NHS patients to choose the date and time of their appointments when referred by their GP.
Adam Binns, chief executive officer of One Health, said: "I am delighted to announce One Health's admission to AIM. This is a pivotal step in advancing our mission to provide NHS-aligned healthcare through patient choice and our scalable surgical hubs and patient centric service. This milestone, bolstered by a successful capital raising and strong institutional investor confidence, will enable strategic expansion while maintaining our commitment to reducing patient waiting times and delivering clinical excellence with sustainable growth.
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Welsh Water chief executive defends £892,000 remuneration
2025-11-16 01:35:13
Chief executive of Welsh Water Peter Perry has staunchly defended his remuneration after being questioned by MPs in Westminster. In the spotlight for his 2021 pay packet, which totalled £892,000, Mr Perry stood his ground during a grilling by cross-party MPs on the environment committee. Mid and South Pembrokeshire MP Henry Tufnell questioned Perry, highlighting, "In 2021, Peter, your total remuneration was £892,000 and last year you took a bonus of £91,000. I wonder whether, if you take into consideration what we've talked about with water security, environmental performance, water quality with the public health element to it, do you think level of pay is justified and that's in alignment with your not-for-profit model?". Mr Perry corrected Mr Tufnell on terminology: "We don't have the term 'bonus' – we have the term 'variable pay' and variable pay puts at risk a potential earnings based on performance." He further explained that despite receiving a £91,000 sum, labelled a bonus, it represented only a quarter of what could have been earned. "100% of our variable pay is entirely based on performance" and maintained that in 2021, Welsh Water achieved a four-star environmental rating, underscoring that their reward system is "reflective of performance". "I personally have no influence over my pay – that's decided by an independent committee of the board – and the one thing I would say is it's significant. I can't say anything else about that but it is very much linked to performance and if we don't perform then we don't reach our earnings potential," According to Welsh Water accounts, Mr Perry received a total remuneration of £675,000 in 2022 and £792,000 in 2023. The company has a policy allowing for variable pay of up to 100% of the salaries for the chief executive and chief finance officer each year. For 2023, a total of 41% of this bonus was allocated. The 2024 published accounts reveal the chief executive's base salary as £355,000, while his variable pay amounted to an additional £91,000. Including pension contributions worth £34,000 and another payment of £9,000, the cumulative remuneration for Mr Perry stood at £489,000. MP Mr Tufnell remarked on the issue, stating: "The environmental performance, the impact on my constituents in Pembrokeshire, the impact on the Cleddau and river quality, and pay is still being reflected in terms of that variable pay. You can call it what you like but it's the same thing." Mr Perry acknowledged that the variable pay scheme failed to reward environmental measures in the last year and has not since 2021. Facing concerns raised by MP Mr Tufnell about public perception regarding bonuses, especially when operating under a not-for-profit model, he elaborated on the link between pay and performance. "The public see it as a whole and it's not in line with the overall performance," commented Mr Tufnell. For an insightful daily briefing on the most pressing national issues, subscribe to the Wales Matters newsletter here. Interim chief financialoOfficer Samantha James explained that while setting remuneration, they had to strike a balance between attracting "the right people" for the roles and meeting public expectations. "There is a fixed and a variable element of pay. If you look at the fixed element it is one of the lowest in the sector. The variable one is only paid out when business achieves certain levels of performance." She noted that the company hasn't rewarded environmental performance "for some time". Mr Tufnell drew comparisons between the Welsh Water CEO role and other high-profile positions in Wales. He cited the chief executives of Cardiff and Pembrokeshire councils, who earn £229,000 and £212,000 respectively, despite managing thousands of employees and substantial budgets. He contrasted these figures with the 2021 earnings of Mr Perry. "That's wildly different figures compared to very similar levels of responsibility and impact on lives and livelihoods," he observed.
Trainline shares tank despite record sales with rivals launching national ticket app
2025-10-31 22:44:12
Despite announcing record full-year sales and a £75m buyback programme, shares in Trainline plummeted on Thursday. A robust set of results failed to alleviate investor concerns about the introduction of a state-owned competitor ticketing app in the UK, leading to the stock falling more than 13 per cent in early trading, as reported by City AM. This occurred even though net ticket sales rose by 12 per cent to a record £5.9bn year-on-year, aligning with previously upgraded guidance but at the lower end. The increase was fuelled by Trainline's UK operations, where sales increased 13 per cent to £3.9bn. International ticket sales climbed four per cent to £1.1bn, boosted by a strong performance from its Spanish division. On Thursday, Trainline revealed a new share repurchase scheme worth up to £75m. It already has an ongoing buyback programme of up to eight per cent of its issued share capital. "With record net ticket sales for the third year in a row, we saw growth in consumer sales in the UK of 13 per cent and in Spain of 41 per cent, while international B2B sales through our Global API increased by about 60 per cent," said Jody Ford, Chief Executive. "Our decades-long experience in delivering ease, choice and value for our 27m customers sets us apart from the competition, be it global tech players or national incumbents." The CEO of Trainline has emphasised the potential for growth within the UK and Europe, underpinning the importance of market conditions: "There is still so much to be achieved in the UK and Europe with the critical foundation being open, fair and competitive markets. Rail is set to surge across Europe and Trainline will be at the centre of it."
Shurgard-owned self-storage firm Lok'nStore slumps to loss after £378m takeover
2025-11-15 19:07:58
UK self-storage firm Lok'nStore has reported a loss in the year it was taken private in a deal worth approximately £378m. The Surrey-based company, which was acquired by Belgium's Shurgard in April 2024, had been listed on the London Stock Exchange's AIM since 2000, as reported by City AM. According to newly filed accounts with Companies House, the business recorded a pre-tax loss of £7.3m for the 12 months to 31 July, 2024, compared to a previous pre-tax profit of £6.7m. Despite this, Lok'nStore's revenue increased from £27.1m to £28m over the year. The company attributed the rise in staff costs to the opening of new sites and offset this by awarding lower performance bonuses to its store employees. Lok'nStore also noted that its overhead costs rose by nearly 20 per cent due to a "combination of factors" including audit fees and bank charges. Additionally, the firm's capital expenditure for the year increased from £17.3m to £22.1m. Despite these challenges, Lok'nStore remains optimistic about its future prospects. A statement signed off by the board read: "Lok'nStore Group operates within the UK self-storage industry which is a sector with strong growth prospects and this market presents an excellent opportunity for further growth of Lok'nStore's business." It added: "Recently opened landmark stores and our ambitious new store pipeline demonstrate the group's ability to use those strengths to exploit the opportunities available through the economic cycle. "Our high margins, strong balance sheet and flexible business model enables Lok'nStore to confidently look through the current external market turbulence." In an April 2024 statement, Lok'nStore alongside Shurgard announced that their acquisition agreement would allow the purchaser to expand its presence in the South East and Manchester, described as "the two most attractive target markets outside of London".
HS2 should not prioritise re-negotiating contracts, says construction boss
2025-10-27 00:22:11
The chief executive of a construction company involved in the Old Oak Common station project has suggested that HS2 should concentrate on delivery rather than renegotiating its contracts. This comes after a damning report from the Public Accounts Committee (PAC) last month deemed HS2 Ltd's contracts as "unacceptable to the public purse" and stressed the "imperative" need for the project to deliver on promises to renegotiate them, as reported by City AM. Despite this, MPs have expressed doubts about whether contractors are sufficiently motivated to implement changes that would result in "significant cost savings." When questioned about the potential restructuring of contracts, Balfour Beatty's outgoing leader Leo Quinn told City AM: "No, not really, the contracts for the time they were written were appropriate." Quinn pointed out the impracticality of expecting any UK contractor to have the financial capacity to undertake such a massive project, stating, "There's no contractor in the UK that could actually have a balance sheet to deliver something of that size, so it has to go back to the Exchequer." He further commented on the positive aspect of the nation's ability to shoulder such financial responsibility: "Isn't it good news in a way that the balance sheet as a country is able to carry that, because if you had actually put that liability down to all of your contractors, and the cost had overrun the way it's overrun, you wouldn't have a construction industry in the UK." Quinn's remarks seem to cast doubt on HS2's assertions that it can secure more advantageous terms with its contractors, which is a key element of its strategy to control escalating expenses and get the project back on track. Balfour Beatty, in a joint venture with engineering consultant Systra, is at the helm of constructing HS2's Old Oak Common station and also boasts a significant civil engineering contract for the project's Area North section. HS2 executives had previously reassured the Public Accounts Committee (PAC) that "all major contractors" were open to discussions about renegotiating contracts. However, Balfour Beatty's chief executive Leo Quinn, in an interview with City AM, expressed a different stance: "If someone wants to renegotiate the contract, that's the wrong priority." He emphasised the importance of timely completion, stating, "The priority is how do you get the project completed as soon as possible and motivate the contractors you've got to finish early." When approached for a statement, HS2 chose not to comment. Despite the challenges faced by the high-speed rail project, Quinn, who is set to retire this September after nearly ten years at the helm, remains optimistic about its prospects. He highlighted the collaborative efforts with HS2's team, led by Mark Wild, to ensure successful and punctual delivery: "We're working very, very closely with Mark Wild and the team to have a successful delivery. And we'll work flexibly with the client to make sure it gets finished and on time." Quinn also shared his enthusiasm for the project's impact, predicting that visitors will be astounded: "When you come and see [HS2] your jaw will drop in terms of how awe-inspiring it is," he remarked. He views HS2 as a government investment that will develop skills and capabilities benefiting the UK for a century. Addressing broader issues within the UK's infrastructure sector, Quinn reflected on the transformation since his early days at Balfour Beatty, describing the current state compared to the past as "night and day." The Labour government has prioritised the rapid progression of major infrastructure projects as a key strategy to stimulate the UK economy. Earlier this week, ministers introduced comprehensive reforms aimed at accelerating the approval process for planning proposals, as part of the Planning and Infrastructure Bill.
Law firm partner appointed as chamber president
2025-11-10 02:21:29
A law firm partner has been appointed as the new president of Solihull Chamber of Commerce. Emma-Louise Hewitt is head of the employment law department at Sydney Mitchell. A member of the Solihull Chamber for 15 years, she is ranked as a next-generation partner in the Legal 500 directory. She provides legal services to employees and employers across sectors including automotive, professional services and hospitality. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Ms Hewitt advises on a vast range of legal areas including contracts, handbooks and policies, tribunal claims, workplace discrimination, reorganisation and redundancy procedures. She also delivers workplace training and day-to-day legal and HR advice to business owners and managers. She said: "I am extremely honoured to be taking on the role of president of the Solihull Chamber of Commerce for the next two years. "I am especially looking forward to working alongside Samantha Frampton, head of Solihull Chamber, as we continue to strive to create an environment that fosters growth, innovation and collaboration among our members." Kim Hulse, founder of K Hulse Consulting, will join current vice-presidents Kevin Johns and Rebecca Gater as a new vice-president. New members have also been appointed to the chamber's executive council. They are Education Awards founder Jas Rohel, Run Your Fleet's chief executive Steve Whitmarsh, St Basils fundraiser Pauline Clarke, Plum Executive founder Susie Ankrett and Wilkes Partnership partner Amanda Holden. Joining them are Original Entertainment Company managing director Ian Rogers, Touchwood shopping centre manager Tony Elvin, Recruitment Duo director Louise Dunn and Headpoint Advisors founder Mark Wilson. The chamber's outgoing president Eileen Schofield, principal of Schofield and Associates solicitors, will remain on the executive council as a co-opted member for a further year. She will be joined by Colebridge Trust consultant Rebecca Fox, Hubtel IT owner Neil Bayliss and Sport 4 Life UK director Rob Wells. Samantha Frampton, head of Solihull Chamber of Commerce, said: "The Solihull Chamber annual meeting was an opportunity to look back over the last 12 months and share what we have achieved with our members, from hosting 653 attendees across 17 events, to entertaining over 300 guests at the Solihull Chamber Annual Dinner and Awards 2024. "It was also an opportunity for me to express my thanks to Eileen Schofield who has completed her two-year term as Solihull Chamber president for her passion, time and commitment and to welcome our new president Emma-Louise Hewitt." The new charity of the year for 2025/26 is Solihull Hospital Charity. Fundraising officer Jonathan Burch said: "I'm so incredibly thankful to everyone involved with the Solihull Chamber of Commerce for choosing us to be their charity of the year for 2025/2026. "Being charity of the year will make an amazing difference to our fundraising and awareness levels and help raise funds for the amazing projects we have at Solihull Hospital.
Martin Sorrell's S4 Capital warns on economic and geopolitical volatility as losses widen
2025-11-19 19:43:26
Sir Martin Sorrell, the head of S4 Capital, has sounded the alarm that the London-listed marketing group will continue to face significant challenges from global economic volatility into 2025, as the company's losses have drastically widened. In a statement, Sorrell highlighted the ongoing impact of high interest rates, underperformance, and cautioned about "uncertainty in global economic policy, particularly tariffs" extending into 2025, as reported by City AM. Furthermore, he noted that geopolitical tensions, such as those between the US and China, as well as Russia's ongoing conflict in Ukraine, would likely lead clients to "to remain cautious" into 2025. The company's financials revealed a substantial increase in losses, reaching £306.9m, a stark contrast to the £14.3m loss reported the previous year. Additionally, revenue plummeted by 13.6% to £848.2m. S4 attributed this decline to technology clients redirecting their spending towards AI-related ventures rather than marketing expenditures. The company has set a goal to achieve "broadly similar" net revenue and operational pre-tax earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the upcoming year. However, operational EBITDA took a hit, falling 6.3% to £87.8m for the year ending December 31. Over the past 12 months, S4 Capital's shares have taken a 27.1% tumble following a series of profit warnings. Sorrell reflected on the company's performance in 2024, stating, "Our performance in 2024 reflected the impact of challenging global macroeconomic conditions, continued high interest rates and some underperformance, when compared to our addressable markets." "Technology clients prioritised capital expenditure over operating expenditure, such as marketing and our Technology Services Practice was affected by a reduction in one of our larger relationships." He added: "Despite this, the Company reduced its cost base significantly, increased its operating margins and reduced its net debt markedly. ". S4 Capital's CFO Mary Basterfield resigned from her role in January after a three-year tenure.
Nissan appoints new global CEO after falling sales and Honda talks collapse
2025-10-29 01:27:44
Nissan has announced a shake-up of its global leadership after a period of disappointing sales and the collapse of crucial merger talks with fellow car manufacturer Honda. Chief executive Makoto Uchida is stepping down to be replaced by Ivan Espinosa, currently the company’s chief planning officer, on April 1. Other changes at the company’s leadership were also announced. Speculation about Mr Uchida’s future had been rife in recent weeks after the collapse of talks with Japanese rival Honda Motor Co that had aimed to set up a joint holding company to integrate its businesses. Mr Uchida had said the focus of the talks had changed to making Nissan into a Honda subsidiary, which he deemed unacceptable. The firm, which has a major plant at Sunderland employing around 6,000 people, is projecting a loss of 80bn yen (£421m) for the full year to the end of this month. It has announced a global cuts programme that will see thousands of jobs cut and some plants closed. Sunderland appears to have escaped the worst of those cuts, however, with a shift on one production line closed but no job losses announced. New boss Ivan Espinosa, who joined Nissan in 2003, has spent much of his Nissan career in Mexico and Southeast Asia, overseeing product planning, including the drive towards electric vehicles. He said: “I sincerely believe that Nissan has so much more potential than what we’re seeing today.” He stressed his love for Nissan, noting he has developed a deep understanding of what makes the company unique and valuable. Nissan said the company leadership needs to be “renewed” to achieve long-term growth. Mr Uchida, who remains as a director, expressed confidence in Mr Espinosa as “a real car guy”, and stressed he is handing over the baton of leadership to better unify company ranks. “I am confident that Nissan will definitely make a comeback,” he said, appearing at a hastily called news conference with Mr Espinosa. Nissan’s plant at Sunderland has been at the forefront of the company’s transition to electric vehicle production and has benefited from about £2bn in investment through the EV36zero initiative. Earlier this year Jatco, a transmission supplier with a majority stake held by Nissan, unveiled plans to establish 180 jobs at the International Advanced Manufacturing Park located nearby. Politicians including North East mayor Kim McGuinness, Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds have all hailed the importance of the plant to the North East and wider UK economy in recent weeks.
BP boss defends decision to increase fossil fuel production and ditch green energy
2025-11-01 23:36:04
BP's CEO, Murray Auchincloss, has defended the company's decision to ramp up fossil fuel production and abandon its renewable energy commitments. The move comes amid growing pressure from BP investors who are dissatisfied with the oil giant's underperforming share price, as reported by City AM. Two weeks ago, Auchincloss announced a "fundamental reset", which involved scrapping a series of green energy targets set five years prior. In an article for The Times, he stated that the decision to backtrack on these commitments had been well received by investors. "From the many conversations I have been having, our new direction is resonating with shareholders... Most of the questions to me are about how quickly we can deliver," he said. BP's reset will see oil and gas production increase to between 2.3m and 2.5m barrels of oil equivalent per day by 2030. It also plans to boost spending by approximately 20% to $10bn (£7.8bn) annually. This marks a significant departure from a previous goal of reducing output by around a quarter, from 2019 levels to 2m barrels per day. "Our optimism in 2020 for a fast energy transition was misplaced and we went too far, too fast in our plans," Auchincloss admitted on Monday. BP shares have fallen by roughly 11% over the past year and have underperformed compared to competitors Shell and ExxonMobil. The pressure on Auchincloss, 54, who took over from former boss Bernard Looney in 2020, has been immense.
Ant Middleton banned after he and wife fail to pay £1m tax bill
2025-10-27 13:50:15
Former SAS: Who Dares Wins chief instructor Ant Middleton has been prohibited from serving as a company director after his business failed to pay over £1m in tax. Middleton, along with his wife Emilie Middleton, was the director of Sway and Starting Limited, a company offering media representation services and managing income from his television and media work, as reported by City AM. However, according to the Insolvency Service, both Middletons failed to ensure the company paid more than £300,000 in VAT and over £800,000 in corporation tax to HMRC between 2019 and 2022. This was despite the company receiving more than £4.5m into its accounts from 2020 to 2022. The Insolvency Service also revealed that the couple had withdrawn nearly £3m from the company as a director's loan account by the time the company went into liquidation in December 2022. Ant Middleton later agreed to repay £300,000 of the director's loan as a full and final settlement with the liquidator. The Middletons, both aged 44 and residing in Chelmsford, Essex, have been disqualified as company directors for four years. Dave Magrath, director of investigation and enforcement services at the Insolvency Service, commented: "Companies not paying the tax they should deprives the government of the money it needs to pay for the country's defence services, our NHS, schools and universities, and transport systems. Ant and Emilie Middleton had legal and financial duties as directors to ensure their company paid the corporation tax and VAT it owed. Instead, they were taking millions of pounds out of the company at that time. This disqualification should serve as a deterrent to other directors that if you do not pay your taxes while directing money elsewhere, you are at risk of being banned." Ant Middleton established Sway and Starting in September 2014, with his wife joining as a director in May 2019. The firm, previously known as Middleton Global Limited, failed to pay any of the £869,351 in corporation tax it owed between September 2019 and March 2021, according to the Insolvency Service. The service also revealed that Sway and Starting only paid £267,443 in VAT out of a total of £651,961 it owed between March 2020 and September 2022, leaving £384,518 unpaid. Insolvency Service analysis of the company's bank accounts showed that £4,592,200 was deposited into the firm between April 2020 and November 2022. By the time of the company's liquidation, the pair also owed Sway and Starting at least £2,961,745 through their director's loan account, the Insolvency Service reported.
Virgin and two other firms bid to end Eurostar monopoly with new Channel Tunnel service
2025-11-13 01:52:38
A third operator aiming to challenge Eurostar's exclusive control of Channel Tunnel services has emerged. Gemini revealed on Monday that it had lodged a request with the Office of Rail and Road (ORR) for access rights to Eurostar's Temple Mills depot—the sole facility in the UK equipped to accommodate and maintain high-speed trains bound for the continent, as reported by City AM. Initially, Gemini plans to run services between London and Paris/Brussels, though it is also considering routes to additional destinations. Chaired by industry stalwart Lord Tony Berkeley, the firm boasts of having assembled a "highly experienced team of rail executives and creative thinkers" dedicated to delivering open access services on the coveted cross-channel route. Since the Channel Tunnel's inauguration in 1994, Eurostar has enjoyed uncontested access; however, several potential competitors promising competitive pricing and more frequent journeys have recently made bids for access. Prominent amongst these is Richard Branson's Virgin Group and Evolyn, a Spanish enterprise endorsed by Mobico's principal investor, both of whom have presented their own requests to the ORR. The interest in this route appears substantial, with rumours suggesting at least five enterprises are eyeing opportunities, while the Channel Tunnel's managing entity Getlink has expressed its desire to see unused capacity utilised. "Our team has real strength, depth, vision and dynamism and is superbly placed to offer customers choice on what is currently a monopoly route," noted Gemini Chairman Lord Berkeley. Chief executive Adrian Quine commented: "The high-speed line connecting London and the continent through the Channel Tunnel is one of the great rail routes."
Allianz extends IOC and IPC partnership until 2032 as insurance giant shores up support
2025-11-21 04:31:39
The International Olympic Committee (IOC) has bolstered its sponsorship portfolio by renewing its partnership with Allianz until 2032, following the departure of several major sponsors. In addition to extending its IOC agreement, Allianz has also prolonged its commitment to the International Paralympic Committee (IPC), with the partnership now set to conclude after the Brisbane 2032 Games, as reported by City AM. The insurance behemoth initially joined the top echelon of IOC and IPC sponsors in 2021, with a contract that was due to expire after the LA 2028 Olympics. Allianz CEO Oliver Bate expressed his enthusiasm for the extended partnership: "The Olympic and Paralympic Games Paris 2024 inspired the world as well as our employees, customers and business partners, elevating and uniting people through sport," he said. "We also saw very positive benefits for our business and the Allianz brand. We are therefore delighted – particularly against the backdrop of an increasingly divided world – to extend this successful partnership through 2032 and continue our support for the unifying spirit of the Olympic and Paralympic Movements." The renewed deal with Allianz also includes partnerships for the Winter Olympics and Paralympics, such as Milan Cortina 2026 and French Alps 2030. This extension comes as a significant boost for the IOC, which recently saw the exit of Japanese companies Panasonic, Toyota, and Bridgestone. Last month, AB InBev, the brewer behind Budweiser, also extended its IOC partnership to 2032, and TCL, a Chinese consumer electronics firm, joined the sponsorship programme. Outgoing IOC president Thomas Bach expressed his delight at the extension of their partnership with Allianz for another four years, following the success of the Olympic Games Paris 2024. He said: "Allianz is a world leader in its industry and believes in the Olympic vision of building a better world through sport, and supports our commitment to athletes around the world. " He added: "Now more than ever the world needs the power of sports to unite people. The IOC and Allianz share this vision and this is why we consider our partnership more important than ever." This announcement comes just a week before IOC members elect Bach's successor, with Lord Coe among the frontrunners.
Shop closures continue in North East but pace of decline slows
2025-11-07 20:57:54
Shop closures in the North East continued to outpace openings last year but the gap has closed, new figures show. Data from financial services firm PwC found that 502 retail stores, leisure venues and service outlets closed in the North East in 2024 while there were 359 openings. The net closures of 143 stores in the region is one of the lowest of the last decade. PwC said the figures gave cause for cautious optimism though warned that the rise in National Insurance and minimum wage coming in April would both prove challenging for retail and leisure companies and could make some locations “marginal”. Nationally, 12,804 retail stores, leisure venues and service outlets closed in 2024 and 9,002 opened, giving a net drop in 3,802 stores across high streets. That was an improvement on the number of closures seen in 2023. Claire Fox, markets and services lead for deals at PwC, said: “The shopping landscape in the North of England is experiencing notable shifts. High street locations are facing significant challenges, with declines across all three regions. “Interestingly, retail parks in the North East and Yorkshire and the Humber are seeing modest growth, suggesting a shift in consumer preferences. These trends highlight the dynamic nature of the retail sector and the importance of adapting to changing consumer behaviours. Businesses looking to grow should consider leveraging digital technology to enhance their online presence, diversify their product or service offerings, and create more personalised shopping experiences.” PwC said the trend of long term closures was likely to continue, driven in large part by the move towards shopping and services like banking being done online. But it said that decline had been partially offset by the opening of more hospitality and leisure outlets, as well as shops on retail parks rather than traditional High Streets. Convenience stores and coffee shops helped to drive new openings in 2024, the data showed, but there was a big reduction in the number of bank branches and financial service firm stores as they shifted more operations online. Zelf Hussain, restructuring partner at PwC UK, said: “Although store closures declined in 2024 compared to the previous year, retailers continue to face significant challenges in 2025.
Direct Line boss gets huge £7.8million pay day ahead of Aviva takeover
2025-10-26 23:15:50
Direct Line Group's chief executive, Adam Winslow, has landed a substantial pay cheque ahead of the company's £3.7bn acquisition by Aviva. The insurance heavyweight's annual report disclosed that Winslow's remuneration for the latest financial year exceeded £7.8m, as reported by City AM. His salary was significantly augmented by a £5.8m payment from Direct Line Group as compensation for earnings lost after he took up his role in March 2024. Prior to this, Winslow had been at the helm of Aviva, which is poised to take over Direct Line Group following an agreement reached at the end of 2024. The group's portfolio includes well-known brands such as Churchill, Green Flag, and Privilege. This month, Direct Line Group reported a dip in pre-tax profits for 2024, down to £218.4m from £277.4m, while its net insurance revenue climbed from £2.4bn to £2.8bn. Richard Ward, the remuneration chairman for Direct Line Group, penned in the annual report: "The group has delivered on the strategic objectives set out by Adam Winslow at our capital markets day in July. "Strong growth in our core product areas has driven improved trading performance, further supported by bringing Direct Line Motor onto price comparison websites for the first time." "During this transitional year, the group has delivered ongoing operating profit of £205m (2023: (£189.5m)) and net insurance margin from ongoing operations of 3.6 per cent (2023: (8.3 per cent)) whilst making excellent progress on managing costs." In a previous report by City AM, it was highlighted that Aviva had surpassed expectations with its annual profit results, which coincided with its notable acquisition of Direct Line. The FTSE 100 heavyweight recorded a 20 per cent surge in operating profit, reaching £1.77bn for the year 2024, outperforming Bloomberg analyst projections of £1.71bn.
BAE shares surge as UBS predicts 'huge' jump in defence spending for Europe
2025-11-10 00:08:00
Analysts at UBS have suggested that markets are overlooking a predicted rise in defence spending by European countries, despite the recent value surge of arms manufacturers like BAE Systems. In an analyst note, UBS upgraded BAE's share price target from 1,600p to 2,450p and also elevated European arms dealers Saab and Thales to a Buy rating, as reported by City AM. The analysts stated, "Investors are currently pricing in 2.5 per cent GDP spent on defence in 2030 with the European defence players likely to take market share from US primes." However, UBS anticipates that defence expenditure will reach 2.8 per cent of European GDP by 2030, potentially rising to as much as 3.3 per cent in subsequent years. "This may prove conservative. During the cold war European NATO members spent three to six per cent of GDP on defence, and the investments required in this cycle are likely to be higher," the analysts added. They also projected defence spending could peak at 3.5 per cent of European GDP, particularly if the US hastens its military withdrawal from Europe. UBS has also eliminated a 1.75 per cent penalty on arms manufacturer shares previously affected by ESG risks, citing a shift in investor perceptions of the sector. European nations have committed to increasing their military budgets following warnings from Donald Trump that the continent needs to bolster military support for Ukraine ahead of a proposed peace agreement with Russia. Analysts at UBS have highlighted a recent whitepaper from the European Union, which advocates for increased defence spending in European businesses, as a significant sign of change. The whitepaper states, "The United States, traditionally a strong ally, is clear that it believes it is over-committed in Europe and needs to rebalance, reducing its historical role as a primary security guarantor,". Further comments from the arms industry, such as those from European missile manufacturer MBDA regarding an influx of orders from Europe, have bolstered the belief that a larger proportion of domestic expenditure is on the horizon. In light of anticipated higher weapons spending, the analysts have revised their price targets for several defence firms, including BAE. UBS analysts regard BAE as the premier defence company in the sector, stating, "It has the most diversified product suite and geographical diversification with a solidified yet growing presence in the end markets that we expect to benefit well from the defence macro theme." Despite not matching the record-breaking stock price surges seen by other European defence companies in recent months, BAE's stock has still risen by 17 per cent over the past year. UBS attributes the company's underperformance to its 45 per cent exposure to the US market. However, they believe that despite uncertainty surrounding reforms in the US Department of Defence, the market is overestimating the risk.
First pictures show planned £140m redevelopment of Cardiff Central station
2025-10-29 12:15:33
Major changes have been put forward for Cardiff Central railway station. They would see a new entrance built at the rear, changes on the platforms, and increasing capacity as well as more gates for passengers to enter and exit the station. There will also be improved waiting, retail, and cycle storage facilities and better accessibility for those with reduced mobility if the £140m plans get approval. The money will come from the Department for Transport, Cardiff Capital Region, and the Welsh Government. Cardiff Central is Wales' busiest railway station and the changes will require planning and a full business case approval, the result of which would be expected in the autumn. If approval were given the first works would begin at the south side of the station later this year. The main aim is to ease overcrowding and congestion as well as enabling better accessibility for those with reduced mobility. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here. Chief commercial officer at TfW Alexia Course said: "Today we've revealed images which show what Cardiff Central could look like as part of plans to enhance the station. The investment of up to £140m means we can deliver improvements to Cardiff Central to make it fit for a capital city and sustain future growth. "The proposals for the station form part of a wider significant investment going into transforming transport in central Cardiff including ambitious regeneration plans. We've submitted the full business case for the scheme and we'll soon be submitting the planning documents and if this is approved we can progress with the delivery of the enhancements." Transport for Wales say the revamped station will be part of an integrated transport hub in the city centre known as Metro Central with the idea to improve connections between bus, rail, walking, wheeling, and cycling and encourage sustainable travel. The go-ahead for the £100m first phase of the Cardiff Crossrail project, with a new tram link from the city centre to Cardiff Bay, has already been confirmed.
Savills reports significant profit growth but shares decline amid investment management struggles
2025-10-22 06:59:58
Savills has reported a significant increase in profits, despite its investment management arm experiencing a decline due to high interest rates. In its latest financial results, the FTSE 250-listed company announced a 7% rise in revenue to £2.4bn for the year ended December 31, up from £2.24bn in 2023, as reported by City AM. Underlying profit before tax surged by 38% to £130.4m, while reported profit before tax jumped 59% to £88.3m. Underlying basic earnings per share also saw a 31% increase to 66.2p. However, Savills' investment management arm saw an 11% drop in revenue, which the company attributed to valuation adjustments during the year, stating that "the raising and deployment of capital inevitably more challenging during a period of interest rate and price volatility." Despite the positive financial results, Savills' share price plummeted by over 5% this morning, continuing a month-long decline. The share price has fallen by more than 15% since mid-February. Analysts at Peel Hunt remain optimistic about Savills' prospects, stating that the company "remains a quality business" and is "poised for a healthy recovery as commercial transition activity returns to normal." They maintained their target price of 1,100p and 'Add' rating, saying "We continue to like the business model and believe it remains an attractive investment," Mark Ridley, Chief Executive of Savills, commented: "Savills improved performance in 2024 reflects the robust earnings provided by our less transactional businesses together with the effect of our inherent operating leverage in the early recovery of transactional markets." "Most markets were in recovery as we entered 2025 and, whilst uncertainty continues, there remains the expectation of reductions in the cost of capital during the year."
UK to announce extra £2bn in defence funding to support exports and allies
2025-10-23 16:12:37
The UK government has committed an additional £2bn to bolster UK defence exporters, aiming to secure more orders from international partners. This move expands the lending capacity of UK Export Finance (UKEF), the nation's export credit agency, to a total of £10bn. UKEF's Direct Lending facility offers loans to overseas buyers, enabling them to procure British goods and services. In the previous year, UKEF granted £8.8bn in loans, aiding 650 exporters and sustaining 41,000 jobs, with funds reaching countries including Poland, Qatar, and Ukraine. Chancellor Rachel Reeves is expected to unveil the extra funding during her trip to Scotland today, as reported by City AM. The Treasury has expressed its intention to enhance the competitiveness of the UK's defence sector and support UK exporters in extending their supply chains globally. Amidst rising global geopolitical tensions that are fuelling defence sector growth, Reeves stated that the UKEF boost will "kickstart economic growth" while also "strengthening our national defence." The Chancellor remarked: "The world is changing, and we must bring about a new era of security and renewal that protects working people and keeps our country safe. "This increase to UKEF's lending capability is our Industrial Strategy in action, bolstering our defence industry and supply chains, creating jobs and driving growth across the UK." This announcement comes on the heels of the government's commitment to elevate defence spending to 2.5 per cent of GDP starting April 2027. Business Secretary Jonathan Reynolds has articulated support for the defence sector, stating: "This new UKEF lending capability strengthens our support for the sector even further, and will help our defence firms export the best of British expertise abroad while boosting jobs and growth at home." Scottish Secretary Ian Murray also chimed in with his vision for the nation's security infrastructure: "We are entering a new era for our national defence and Scotland's world class defence industry is playing a big role in meeting that global security challenge."
Yorkshire's nutritious grass goes global as Burgess Pet Care exports to four continents
2025-11-14 14:22:35
Rabbits around the world are feasting on Yorkshire hay provided by an historic independent family business which is boosting its international profile. Burgess Pet Care, which is based at Thornton le Dale in North Yorkshire and has operations at Pollington in East Yorkshire, has secured a global listing with German distribution platform Zooplus. The move means the pet food manufacturer has boosted its European profile, adding to thousands of small animals it feeds with its Excel brand made from Yorkshire cut and dried hay. Annabel Coleman, Excel brand manager at Burgess Pet Care, said: "Yorkshire is known for its rolling countryside, typified by healthy green fields stretching towards big blue skies as far as the eye can see. It is a vision that embodies goodness and nutrition which is driving our international growth. It’s a great testament to our incredible farmers we work with that we are seeing so much demand for these products, and we’re delighted to offer owners in both the UK and around the world the chance to provide their small animals with a diet rich in the finest Yorkshire hay. "To respond to demand, we are currently developing larger pack size options and tasty herb additions to add to our hay ranges, UK and International, in response to the increased demand.” Rabbits and guinea pigs need to eat their own body size in hay daily as part of a recommended diet, and Burgess’ supplies its hay range sourced from specialist local farmers across four continents. The business started as a family milling operation in the 17th century before moving in to pet food production, with 60 years now in the market. It has long-standing links with the veterinary community and animal welfare charities including the RSPCA and Blue Cross, and is the driving force behind national campaigns such as both Rabbit and Guinea Pig Awareness Week, which seek to improve the health and welfare of these special animals – often through increased consumption of hay.
Kier Group shares tumble despite record £11bn order backlog
2025-11-11 00:28:50
Despite hiking dividends by a fifth and reporting a record £11bn order backlog, shares in Kier Group took a tumble this morning. The London-listed firm announced it would pay investors an interim dividend of 2p, marking a 20 per cent increase from last year's 1.67p, as reported by City AM. Kier Group's record £11bn order book saw a two per cent year-on-year rise, securing 98 per cent of its full-year revenue to date. However, shares dropped more than ten per cent in early deals, contrary to some analysts' predictions of a rise. On an adjusted basis, the half-year operating profit saw a three per cent increase to £66.6m, while revenue rose five per cent to £1.98bn. "These developments are testament to the hard work and commitment of our people who have enhanced our resilience and strengthened our financial position," stated Andrew Davies, Chief Executive. Davies assured shareholders that Kier was trading in line with the Board's expectations, following a solid start to the year. "The group is confident in sustaining the strong cash generation achieved over the last few years and is well positioned to continue benefiting from UK Government infrastructure spending commitments," he added. He further noted: "Kier operates in markets which are vital to the UK. We remain committed to delivering our long-term sustainable growth plan which will benefit all stakeholders." Kier Group also managed to reduce its average month-end net debt by 72 per cent to £37.6m. Shares have faltered in the current year, declining by 4.8 per cent amidst a backdrop of political and economic turmoil. Kier has expressed confidence in its positioning to capitalise on the UK government's escalated infrastructure expenditure, noting that approximately 91 per cent of its contract portfolio is with the public sector.
Global energy firm picks Birmingham for new UK head office
2025-11-16 02:55:29
A global energy firm has chosen Birmingham for its new UK head office. EcoFlow, which specialises in portable power and home energy services, is opening a new base on the Innovation Birmingham Campus where it plans to create 35 jobs. The company, which is headquartered in China and has teams in the US and Germany, will recruit for roles in fields such as engineering, customer service, marketing and business development. EcoFlow will join the West Midlands Global Growth Programme which is a funded initiative offering international companies support in the region. 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 delivered by the West Midlands Growth Company and Mayor Richard Parker who is taking part in a trade mission to China this week alongside other UK regional mayors. Ryan Xing, managing director of EcoFlow Europe, said: "The West Midlands is leading the UK's green industrial revolution, making it a stand-out destination for our new UK Headquarters. "This investment marks a significant milestone in EcoFlow's expansion, reinforcing our commitment to the UK market. "Our new home will provide us with convenient access to the region's ever-growing STEM talent pool and world-class R&D ecosystem, with unparalleled connectivity to potential partners across the UK and internationally. "We look forward to driving further investment into the region and supporting its journey towards a net-zero-carbon future as we embark on this next stage of EcoFlow's growth trajectory." Mr Parker added: "EcoFlow is a fast-growing company developing solar technology and smart energy solutions and now it is investing in the West Midlands. "This deal will deliver real benefits for local people - good jobs, greener power storage and a boost to our energy sector. Our region is open for business. "We're ready to welcome more forward-thinking investors who share our ambition to make the West Midlands a global leader in cutting-edge battery technology and clean energy." Innovation Birmingham is owned and operated by property group Bruntwood SciTech. Regional director Rob Valentine said: "The addition of EcoFlow to our Innovation Birmingham Campus marks a significant milestone for both the city's tech ecosystem and our shared commitment to a sustainable future. "As the first global technology unicorn to call Birmingham Knowledge Quarter home, their arrival not only reinforces the city's status as a leading tech hub in the UK but also aligns with our net zero vision.
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Welsh Water chief executive defends £892,000 remuneration
2025-11-16 01:35:13
Chief executive of Welsh Water Peter Perry has staunchly defended his remuneration after being questioned by MPs in Westminster. In the spotlight for his 2021 pay packet, which totalled £892,000, Mr Perry stood his ground during a grilling by cross-party MPs on the environment committee. Mid and South Pembrokeshire MP Henry Tufnell questioned Perry, highlighting, "In 2021, Peter, your total remuneration was £892,000 and last year you took a bonus of £91,000. I wonder whether, if you take into consideration what we've talked about with water security, environmental performance, water quality with the public health element to it, do you think level of pay is justified and that's in alignment with your not-for-profit model?". Mr Perry corrected Mr Tufnell on terminology: "We don't have the term 'bonus' – we have the term 'variable pay' and variable pay puts at risk a potential earnings based on performance." He further explained that despite receiving a £91,000 sum, labelled a bonus, it represented only a quarter of what could have been earned. "100% of our variable pay is entirely based on performance" and maintained that in 2021, Welsh Water achieved a four-star environmental rating, underscoring that their reward system is "reflective of performance". "I personally have no influence over my pay – that's decided by an independent committee of the board – and the one thing I would say is it's significant. I can't say anything else about that but it is very much linked to performance and if we don't perform then we don't reach our earnings potential," According to Welsh Water accounts, Mr Perry received a total remuneration of £675,000 in 2022 and £792,000 in 2023. The company has a policy allowing for variable pay of up to 100% of the salaries for the chief executive and chief finance officer each year. For 2023, a total of 41% of this bonus was allocated. The 2024 published accounts reveal the chief executive's base salary as £355,000, while his variable pay amounted to an additional £91,000. Including pension contributions worth £34,000 and another payment of £9,000, the cumulative remuneration for Mr Perry stood at £489,000. MP Mr Tufnell remarked on the issue, stating: "The environmental performance, the impact on my constituents in Pembrokeshire, the impact on the Cleddau and river quality, and pay is still being reflected in terms of that variable pay. You can call it what you like but it's the same thing." Mr Perry acknowledged that the variable pay scheme failed to reward environmental measures in the last year and has not since 2021. Facing concerns raised by MP Mr Tufnell about public perception regarding bonuses, especially when operating under a not-for-profit model, he elaborated on the link between pay and performance. "The public see it as a whole and it's not in line with the overall performance," commented Mr Tufnell. For an insightful daily briefing on the most pressing national issues, subscribe to the Wales Matters newsletter here. Interim chief financialoOfficer Samantha James explained that while setting remuneration, they had to strike a balance between attracting "the right people" for the roles and meeting public expectations. "There is a fixed and a variable element of pay. If you look at the fixed element it is one of the lowest in the sector. The variable one is only paid out when business achieves certain levels of performance." She noted that the company hasn't rewarded environmental performance "for some time". Mr Tufnell drew comparisons between the Welsh Water CEO role and other high-profile positions in Wales. He cited the chief executives of Cardiff and Pembrokeshire councils, who earn £229,000 and £212,000 respectively, despite managing thousands of employees and substantial budgets. He contrasted these figures with the 2021 earnings of Mr Perry. "That's wildly different figures compared to very similar levels of responsibility and impact on lives and livelihoods," he observed.
Trainline shares tank despite record sales with rivals launching national ticket app
2025-10-31 22:44:12
Despite announcing record full-year sales and a £75m buyback programme, shares in Trainline plummeted on Thursday. A robust set of results failed to alleviate investor concerns about the introduction of a state-owned competitor ticketing app in the UK, leading to the stock falling more than 13 per cent in early trading, as reported by City AM. This occurred even though net ticket sales rose by 12 per cent to a record £5.9bn year-on-year, aligning with previously upgraded guidance but at the lower end. The increase was fuelled by Trainline's UK operations, where sales increased 13 per cent to £3.9bn. International ticket sales climbed four per cent to £1.1bn, boosted by a strong performance from its Spanish division. On Thursday, Trainline revealed a new share repurchase scheme worth up to £75m. It already has an ongoing buyback programme of up to eight per cent of its issued share capital. "With record net ticket sales for the third year in a row, we saw growth in consumer sales in the UK of 13 per cent and in Spain of 41 per cent, while international B2B sales through our Global API increased by about 60 per cent," said Jody Ford, Chief Executive. "Our decades-long experience in delivering ease, choice and value for our 27m customers sets us apart from the competition, be it global tech players or national incumbents." The CEO of Trainline has emphasised the potential for growth within the UK and Europe, underpinning the importance of market conditions: "There is still so much to be achieved in the UK and Europe with the critical foundation being open, fair and competitive markets. Rail is set to surge across Europe and Trainline will be at the centre of it."
Shurgard-owned self-storage firm Lok'nStore slumps to loss after £378m takeover
2025-11-15 19:07:58
UK self-storage firm Lok'nStore has reported a loss in the year it was taken private in a deal worth approximately £378m. The Surrey-based company, which was acquired by Belgium's Shurgard in April 2024, had been listed on the London Stock Exchange's AIM since 2000, as reported by City AM. According to newly filed accounts with Companies House, the business recorded a pre-tax loss of £7.3m for the 12 months to 31 July, 2024, compared to a previous pre-tax profit of £6.7m. Despite this, Lok'nStore's revenue increased from £27.1m to £28m over the year. The company attributed the rise in staff costs to the opening of new sites and offset this by awarding lower performance bonuses to its store employees. Lok'nStore also noted that its overhead costs rose by nearly 20 per cent due to a "combination of factors" including audit fees and bank charges. Additionally, the firm's capital expenditure for the year increased from £17.3m to £22.1m. Despite these challenges, Lok'nStore remains optimistic about its future prospects. A statement signed off by the board read: "Lok'nStore Group operates within the UK self-storage industry which is a sector with strong growth prospects and this market presents an excellent opportunity for further growth of Lok'nStore's business." It added: "Recently opened landmark stores and our ambitious new store pipeline demonstrate the group's ability to use those strengths to exploit the opportunities available through the economic cycle. "Our high margins, strong balance sheet and flexible business model enables Lok'nStore to confidently look through the current external market turbulence." In an April 2024 statement, Lok'nStore alongside Shurgard announced that their acquisition agreement would allow the purchaser to expand its presence in the South East and Manchester, described as "the two most attractive target markets outside of London".
HS2 should not prioritise re-negotiating contracts, says construction boss
2025-10-27 00:22:11
The chief executive of a construction company involved in the Old Oak Common station project has suggested that HS2 should concentrate on delivery rather than renegotiating its contracts. This comes after a damning report from the Public Accounts Committee (PAC) last month deemed HS2 Ltd's contracts as "unacceptable to the public purse" and stressed the "imperative" need for the project to deliver on promises to renegotiate them, as reported by City AM. Despite this, MPs have expressed doubts about whether contractors are sufficiently motivated to implement changes that would result in "significant cost savings." When questioned about the potential restructuring of contracts, Balfour Beatty's outgoing leader Leo Quinn told City AM: "No, not really, the contracts for the time they were written were appropriate." Quinn pointed out the impracticality of expecting any UK contractor to have the financial capacity to undertake such a massive project, stating, "There's no contractor in the UK that could actually have a balance sheet to deliver something of that size, so it has to go back to the Exchequer." He further commented on the positive aspect of the nation's ability to shoulder such financial responsibility: "Isn't it good news in a way that the balance sheet as a country is able to carry that, because if you had actually put that liability down to all of your contractors, and the cost had overrun the way it's overrun, you wouldn't have a construction industry in the UK." Quinn's remarks seem to cast doubt on HS2's assertions that it can secure more advantageous terms with its contractors, which is a key element of its strategy to control escalating expenses and get the project back on track. Balfour Beatty, in a joint venture with engineering consultant Systra, is at the helm of constructing HS2's Old Oak Common station and also boasts a significant civil engineering contract for the project's Area North section. HS2 executives had previously reassured the Public Accounts Committee (PAC) that "all major contractors" were open to discussions about renegotiating contracts. However, Balfour Beatty's chief executive Leo Quinn, in an interview with City AM, expressed a different stance: "If someone wants to renegotiate the contract, that's the wrong priority." He emphasised the importance of timely completion, stating, "The priority is how do you get the project completed as soon as possible and motivate the contractors you've got to finish early." When approached for a statement, HS2 chose not to comment. Despite the challenges faced by the high-speed rail project, Quinn, who is set to retire this September after nearly ten years at the helm, remains optimistic about its prospects. He highlighted the collaborative efforts with HS2's team, led by Mark Wild, to ensure successful and punctual delivery: "We're working very, very closely with Mark Wild and the team to have a successful delivery. And we'll work flexibly with the client to make sure it gets finished and on time." Quinn also shared his enthusiasm for the project's impact, predicting that visitors will be astounded: "When you come and see [HS2] your jaw will drop in terms of how awe-inspiring it is," he remarked. He views HS2 as a government investment that will develop skills and capabilities benefiting the UK for a century. Addressing broader issues within the UK's infrastructure sector, Quinn reflected on the transformation since his early days at Balfour Beatty, describing the current state compared to the past as "night and day." The Labour government has prioritised the rapid progression of major infrastructure projects as a key strategy to stimulate the UK economy. Earlier this week, ministers introduced comprehensive reforms aimed at accelerating the approval process for planning proposals, as part of the Planning and Infrastructure Bill.
Law firm partner appointed as chamber president
2025-11-10 02:21:29
A law firm partner has been appointed as the new president of Solihull Chamber of Commerce. Emma-Louise Hewitt is head of the employment law department at Sydney Mitchell. A member of the Solihull Chamber for 15 years, she is ranked as a next-generation partner in the Legal 500 directory. She provides legal services to employees and employers across sectors including automotive, professional services and hospitality. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Ms Hewitt advises on a vast range of legal areas including contracts, handbooks and policies, tribunal claims, workplace discrimination, reorganisation and redundancy procedures. She also delivers workplace training and day-to-day legal and HR advice to business owners and managers. She said: "I am extremely honoured to be taking on the role of president of the Solihull Chamber of Commerce for the next two years. "I am especially looking forward to working alongside Samantha Frampton, head of Solihull Chamber, as we continue to strive to create an environment that fosters growth, innovation and collaboration among our members." Kim Hulse, founder of K Hulse Consulting, will join current vice-presidents Kevin Johns and Rebecca Gater as a new vice-president. New members have also been appointed to the chamber's executive council. They are Education Awards founder Jas Rohel, Run Your Fleet's chief executive Steve Whitmarsh, St Basils fundraiser Pauline Clarke, Plum Executive founder Susie Ankrett and Wilkes Partnership partner Amanda Holden. Joining them are Original Entertainment Company managing director Ian Rogers, Touchwood shopping centre manager Tony Elvin, Recruitment Duo director Louise Dunn and Headpoint Advisors founder Mark Wilson. The chamber's outgoing president Eileen Schofield, principal of Schofield and Associates solicitors, will remain on the executive council as a co-opted member for a further year. She will be joined by Colebridge Trust consultant Rebecca Fox, Hubtel IT owner Neil Bayliss and Sport 4 Life UK director Rob Wells. Samantha Frampton, head of Solihull Chamber of Commerce, said: "The Solihull Chamber annual meeting was an opportunity to look back over the last 12 months and share what we have achieved with our members, from hosting 653 attendees across 17 events, to entertaining over 300 guests at the Solihull Chamber Annual Dinner and Awards 2024. "It was also an opportunity for me to express my thanks to Eileen Schofield who has completed her two-year term as Solihull Chamber president for her passion, time and commitment and to welcome our new president Emma-Louise Hewitt." The new charity of the year for 2025/26 is Solihull Hospital Charity. Fundraising officer Jonathan Burch said: "I'm so incredibly thankful to everyone involved with the Solihull Chamber of Commerce for choosing us to be their charity of the year for 2025/2026. "Being charity of the year will make an amazing difference to our fundraising and awareness levels and help raise funds for the amazing projects we have at Solihull Hospital.
Martin Sorrell's S4 Capital warns on economic and geopolitical volatility as losses widen
2025-11-19 19:43:26
Sir Martin Sorrell, the head of S4 Capital, has sounded the alarm that the London-listed marketing group will continue to face significant challenges from global economic volatility into 2025, as the company's losses have drastically widened. In a statement, Sorrell highlighted the ongoing impact of high interest rates, underperformance, and cautioned about "uncertainty in global economic policy, particularly tariffs" extending into 2025, as reported by City AM. Furthermore, he noted that geopolitical tensions, such as those between the US and China, as well as Russia's ongoing conflict in Ukraine, would likely lead clients to "to remain cautious" into 2025. The company's financials revealed a substantial increase in losses, reaching £306.9m, a stark contrast to the £14.3m loss reported the previous year. Additionally, revenue plummeted by 13.6% to £848.2m. S4 attributed this decline to technology clients redirecting their spending towards AI-related ventures rather than marketing expenditures. The company has set a goal to achieve "broadly similar" net revenue and operational pre-tax earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the upcoming year. However, operational EBITDA took a hit, falling 6.3% to £87.8m for the year ending December 31. Over the past 12 months, S4 Capital's shares have taken a 27.1% tumble following a series of profit warnings. Sorrell reflected on the company's performance in 2024, stating, "Our performance in 2024 reflected the impact of challenging global macroeconomic conditions, continued high interest rates and some underperformance, when compared to our addressable markets." "Technology clients prioritised capital expenditure over operating expenditure, such as marketing and our Technology Services Practice was affected by a reduction in one of our larger relationships." He added: "Despite this, the Company reduced its cost base significantly, increased its operating margins and reduced its net debt markedly. ". S4 Capital's CFO Mary Basterfield resigned from her role in January after a three-year tenure.
Nissan appoints new global CEO after falling sales and Honda talks collapse
2025-10-29 01:27:44
Nissan has announced a shake-up of its global leadership after a period of disappointing sales and the collapse of crucial merger talks with fellow car manufacturer Honda. Chief executive Makoto Uchida is stepping down to be replaced by Ivan Espinosa, currently the company’s chief planning officer, on April 1. Other changes at the company’s leadership were also announced. Speculation about Mr Uchida’s future had been rife in recent weeks after the collapse of talks with Japanese rival Honda Motor Co that had aimed to set up a joint holding company to integrate its businesses. Mr Uchida had said the focus of the talks had changed to making Nissan into a Honda subsidiary, which he deemed unacceptable. The firm, which has a major plant at Sunderland employing around 6,000 people, is projecting a loss of 80bn yen (£421m) for the full year to the end of this month. It has announced a global cuts programme that will see thousands of jobs cut and some plants closed. Sunderland appears to have escaped the worst of those cuts, however, with a shift on one production line closed but no job losses announced. New boss Ivan Espinosa, who joined Nissan in 2003, has spent much of his Nissan career in Mexico and Southeast Asia, overseeing product planning, including the drive towards electric vehicles. He said: “I sincerely believe that Nissan has so much more potential than what we’re seeing today.” He stressed his love for Nissan, noting he has developed a deep understanding of what makes the company unique and valuable. Nissan said the company leadership needs to be “renewed” to achieve long-term growth. Mr Uchida, who remains as a director, expressed confidence in Mr Espinosa as “a real car guy”, and stressed he is handing over the baton of leadership to better unify company ranks. “I am confident that Nissan will definitely make a comeback,” he said, appearing at a hastily called news conference with Mr Espinosa. Nissan’s plant at Sunderland has been at the forefront of the company’s transition to electric vehicle production and has benefited from about £2bn in investment through the EV36zero initiative. Earlier this year Jatco, a transmission supplier with a majority stake held by Nissan, unveiled plans to establish 180 jobs at the International Advanced Manufacturing Park located nearby. Politicians including North East mayor Kim McGuinness, Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds have all hailed the importance of the plant to the North East and wider UK economy in recent weeks.
BP boss defends decision to increase fossil fuel production and ditch green energy
2025-11-01 23:36:04
BP's CEO, Murray Auchincloss, has defended the company's decision to ramp up fossil fuel production and abandon its renewable energy commitments. The move comes amid growing pressure from BP investors who are dissatisfied with the oil giant's underperforming share price, as reported by City AM. Two weeks ago, Auchincloss announced a "fundamental reset", which involved scrapping a series of green energy targets set five years prior. In an article for The Times, he stated that the decision to backtrack on these commitments had been well received by investors. "From the many conversations I have been having, our new direction is resonating with shareholders... Most of the questions to me are about how quickly we can deliver," he said. BP's reset will see oil and gas production increase to between 2.3m and 2.5m barrels of oil equivalent per day by 2030. It also plans to boost spending by approximately 20% to $10bn (£7.8bn) annually. This marks a significant departure from a previous goal of reducing output by around a quarter, from 2019 levels to 2m barrels per day. "Our optimism in 2020 for a fast energy transition was misplaced and we went too far, too fast in our plans," Auchincloss admitted on Monday. BP shares have fallen by roughly 11% over the past year and have underperformed compared to competitors Shell and ExxonMobil. The pressure on Auchincloss, 54, who took over from former boss Bernard Looney in 2020, has been immense.
Ant Middleton banned after he and wife fail to pay £1m tax bill
2025-10-27 13:50:15
Former SAS: Who Dares Wins chief instructor Ant Middleton has been prohibited from serving as a company director after his business failed to pay over £1m in tax. Middleton, along with his wife Emilie Middleton, was the director of Sway and Starting Limited, a company offering media representation services and managing income from his television and media work, as reported by City AM. However, according to the Insolvency Service, both Middletons failed to ensure the company paid more than £300,000 in VAT and over £800,000 in corporation tax to HMRC between 2019 and 2022. This was despite the company receiving more than £4.5m into its accounts from 2020 to 2022. The Insolvency Service also revealed that the couple had withdrawn nearly £3m from the company as a director's loan account by the time the company went into liquidation in December 2022. Ant Middleton later agreed to repay £300,000 of the director's loan as a full and final settlement with the liquidator. The Middletons, both aged 44 and residing in Chelmsford, Essex, have been disqualified as company directors for four years. Dave Magrath, director of investigation and enforcement services at the Insolvency Service, commented: "Companies not paying the tax they should deprives the government of the money it needs to pay for the country's defence services, our NHS, schools and universities, and transport systems. Ant and Emilie Middleton had legal and financial duties as directors to ensure their company paid the corporation tax and VAT it owed. Instead, they were taking millions of pounds out of the company at that time. This disqualification should serve as a deterrent to other directors that if you do not pay your taxes while directing money elsewhere, you are at risk of being banned." Ant Middleton established Sway and Starting in September 2014, with his wife joining as a director in May 2019. The firm, previously known as Middleton Global Limited, failed to pay any of the £869,351 in corporation tax it owed between September 2019 and March 2021, according to the Insolvency Service. The service also revealed that Sway and Starting only paid £267,443 in VAT out of a total of £651,961 it owed between March 2020 and September 2022, leaving £384,518 unpaid. Insolvency Service analysis of the company's bank accounts showed that £4,592,200 was deposited into the firm between April 2020 and November 2022. By the time of the company's liquidation, the pair also owed Sway and Starting at least £2,961,745 through their director's loan account, the Insolvency Service reported.
Virgin and two other firms bid to end Eurostar monopoly with new Channel Tunnel service
2025-11-13 01:52:38
A third operator aiming to challenge Eurostar's exclusive control of Channel Tunnel services has emerged. Gemini revealed on Monday that it had lodged a request with the Office of Rail and Road (ORR) for access rights to Eurostar's Temple Mills depot—the sole facility in the UK equipped to accommodate and maintain high-speed trains bound for the continent, as reported by City AM. Initially, Gemini plans to run services between London and Paris/Brussels, though it is also considering routes to additional destinations. Chaired by industry stalwart Lord Tony Berkeley, the firm boasts of having assembled a "highly experienced team of rail executives and creative thinkers" dedicated to delivering open access services on the coveted cross-channel route. Since the Channel Tunnel's inauguration in 1994, Eurostar has enjoyed uncontested access; however, several potential competitors promising competitive pricing and more frequent journeys have recently made bids for access. Prominent amongst these is Richard Branson's Virgin Group and Evolyn, a Spanish enterprise endorsed by Mobico's principal investor, both of whom have presented their own requests to the ORR. The interest in this route appears substantial, with rumours suggesting at least five enterprises are eyeing opportunities, while the Channel Tunnel's managing entity Getlink has expressed its desire to see unused capacity utilised. "Our team has real strength, depth, vision and dynamism and is superbly placed to offer customers choice on what is currently a monopoly route," noted Gemini Chairman Lord Berkeley. Chief executive Adrian Quine commented: "The high-speed line connecting London and the continent through the Channel Tunnel is one of the great rail routes."
Allianz extends IOC and IPC partnership until 2032 as insurance giant shores up support
2025-11-21 04:31:39
The International Olympic Committee (IOC) has bolstered its sponsorship portfolio by renewing its partnership with Allianz until 2032, following the departure of several major sponsors. In addition to extending its IOC agreement, Allianz has also prolonged its commitment to the International Paralympic Committee (IPC), with the partnership now set to conclude after the Brisbane 2032 Games, as reported by City AM. The insurance behemoth initially joined the top echelon of IOC and IPC sponsors in 2021, with a contract that was due to expire after the LA 2028 Olympics. Allianz CEO Oliver Bate expressed his enthusiasm for the extended partnership: "The Olympic and Paralympic Games Paris 2024 inspired the world as well as our employees, customers and business partners, elevating and uniting people through sport," he said. "We also saw very positive benefits for our business and the Allianz brand. We are therefore delighted – particularly against the backdrop of an increasingly divided world – to extend this successful partnership through 2032 and continue our support for the unifying spirit of the Olympic and Paralympic Movements." The renewed deal with Allianz also includes partnerships for the Winter Olympics and Paralympics, such as Milan Cortina 2026 and French Alps 2030. This extension comes as a significant boost for the IOC, which recently saw the exit of Japanese companies Panasonic, Toyota, and Bridgestone. Last month, AB InBev, the brewer behind Budweiser, also extended its IOC partnership to 2032, and TCL, a Chinese consumer electronics firm, joined the sponsorship programme. Outgoing IOC president Thomas Bach expressed his delight at the extension of their partnership with Allianz for another four years, following the success of the Olympic Games Paris 2024. He said: "Allianz is a world leader in its industry and believes in the Olympic vision of building a better world through sport, and supports our commitment to athletes around the world. " He added: "Now more than ever the world needs the power of sports to unite people. The IOC and Allianz share this vision and this is why we consider our partnership more important than ever." This announcement comes just a week before IOC members elect Bach's successor, with Lord Coe among the frontrunners.
Shop closures continue in North East but pace of decline slows
2025-11-07 20:57:54
Shop closures in the North East continued to outpace openings last year but the gap has closed, new figures show. Data from financial services firm PwC found that 502 retail stores, leisure venues and service outlets closed in the North East in 2024 while there were 359 openings. The net closures of 143 stores in the region is one of the lowest of the last decade. PwC said the figures gave cause for cautious optimism though warned that the rise in National Insurance and minimum wage coming in April would both prove challenging for retail and leisure companies and could make some locations “marginal”. Nationally, 12,804 retail stores, leisure venues and service outlets closed in 2024 and 9,002 opened, giving a net drop in 3,802 stores across high streets. That was an improvement on the number of closures seen in 2023. Claire Fox, markets and services lead for deals at PwC, said: “The shopping landscape in the North of England is experiencing notable shifts. High street locations are facing significant challenges, with declines across all three regions. “Interestingly, retail parks in the North East and Yorkshire and the Humber are seeing modest growth, suggesting a shift in consumer preferences. These trends highlight the dynamic nature of the retail sector and the importance of adapting to changing consumer behaviours. Businesses looking to grow should consider leveraging digital technology to enhance their online presence, diversify their product or service offerings, and create more personalised shopping experiences.” PwC said the trend of long term closures was likely to continue, driven in large part by the move towards shopping and services like banking being done online. But it said that decline had been partially offset by the opening of more hospitality and leisure outlets, as well as shops on retail parks rather than traditional High Streets. Convenience stores and coffee shops helped to drive new openings in 2024, the data showed, but there was a big reduction in the number of bank branches and financial service firm stores as they shifted more operations online. Zelf Hussain, restructuring partner at PwC UK, said: “Although store closures declined in 2024 compared to the previous year, retailers continue to face significant challenges in 2025.
Direct Line boss gets huge £7.8million pay day ahead of Aviva takeover
2025-10-26 23:15:50
Direct Line Group's chief executive, Adam Winslow, has landed a substantial pay cheque ahead of the company's £3.7bn acquisition by Aviva. The insurance heavyweight's annual report disclosed that Winslow's remuneration for the latest financial year exceeded £7.8m, as reported by City AM. His salary was significantly augmented by a £5.8m payment from Direct Line Group as compensation for earnings lost after he took up his role in March 2024. Prior to this, Winslow had been at the helm of Aviva, which is poised to take over Direct Line Group following an agreement reached at the end of 2024. The group's portfolio includes well-known brands such as Churchill, Green Flag, and Privilege. This month, Direct Line Group reported a dip in pre-tax profits for 2024, down to £218.4m from £277.4m, while its net insurance revenue climbed from £2.4bn to £2.8bn. Richard Ward, the remuneration chairman for Direct Line Group, penned in the annual report: "The group has delivered on the strategic objectives set out by Adam Winslow at our capital markets day in July. "Strong growth in our core product areas has driven improved trading performance, further supported by bringing Direct Line Motor onto price comparison websites for the first time." "During this transitional year, the group has delivered ongoing operating profit of £205m (2023: (£189.5m)) and net insurance margin from ongoing operations of 3.6 per cent (2023: (8.3 per cent)) whilst making excellent progress on managing costs." In a previous report by City AM, it was highlighted that Aviva had surpassed expectations with its annual profit results, which coincided with its notable acquisition of Direct Line. The FTSE 100 heavyweight recorded a 20 per cent surge in operating profit, reaching £1.77bn for the year 2024, outperforming Bloomberg analyst projections of £1.71bn.
BAE shares surge as UBS predicts 'huge' jump in defence spending for Europe
2025-11-10 00:08:00
Analysts at UBS have suggested that markets are overlooking a predicted rise in defence spending by European countries, despite the recent value surge of arms manufacturers like BAE Systems. In an analyst note, UBS upgraded BAE's share price target from 1,600p to 2,450p and also elevated European arms dealers Saab and Thales to a Buy rating, as reported by City AM. The analysts stated, "Investors are currently pricing in 2.5 per cent GDP spent on defence in 2030 with the European defence players likely to take market share from US primes." However, UBS anticipates that defence expenditure will reach 2.8 per cent of European GDP by 2030, potentially rising to as much as 3.3 per cent in subsequent years. "This may prove conservative. During the cold war European NATO members spent three to six per cent of GDP on defence, and the investments required in this cycle are likely to be higher," the analysts added. They also projected defence spending could peak at 3.5 per cent of European GDP, particularly if the US hastens its military withdrawal from Europe. UBS has also eliminated a 1.75 per cent penalty on arms manufacturer shares previously affected by ESG risks, citing a shift in investor perceptions of the sector. European nations have committed to increasing their military budgets following warnings from Donald Trump that the continent needs to bolster military support for Ukraine ahead of a proposed peace agreement with Russia. Analysts at UBS have highlighted a recent whitepaper from the European Union, which advocates for increased defence spending in European businesses, as a significant sign of change. The whitepaper states, "The United States, traditionally a strong ally, is clear that it believes it is over-committed in Europe and needs to rebalance, reducing its historical role as a primary security guarantor,". Further comments from the arms industry, such as those from European missile manufacturer MBDA regarding an influx of orders from Europe, have bolstered the belief that a larger proportion of domestic expenditure is on the horizon. In light of anticipated higher weapons spending, the analysts have revised their price targets for several defence firms, including BAE. UBS analysts regard BAE as the premier defence company in the sector, stating, "It has the most diversified product suite and geographical diversification with a solidified yet growing presence in the end markets that we expect to benefit well from the defence macro theme." Despite not matching the record-breaking stock price surges seen by other European defence companies in recent months, BAE's stock has still risen by 17 per cent over the past year. UBS attributes the company's underperformance to its 45 per cent exposure to the US market. However, they believe that despite uncertainty surrounding reforms in the US Department of Defence, the market is overestimating the risk.
First pictures show planned £140m redevelopment of Cardiff Central station
2025-10-29 12:15:33
Major changes have been put forward for Cardiff Central railway station. They would see a new entrance built at the rear, changes on the platforms, and increasing capacity as well as more gates for passengers to enter and exit the station. There will also be improved waiting, retail, and cycle storage facilities and better accessibility for those with reduced mobility if the £140m plans get approval. The money will come from the Department for Transport, Cardiff Capital Region, and the Welsh Government. Cardiff Central is Wales' busiest railway station and the changes will require planning and a full business case approval, the result of which would be expected in the autumn. If approval were given the first works would begin at the south side of the station later this year. The main aim is to ease overcrowding and congestion as well as enabling better accessibility for those with reduced mobility. For our free daily briefing on the biggest issues facing the nation, sign up to the Wales Matters newsletter here. Chief commercial officer at TfW Alexia Course said: "Today we've revealed images which show what Cardiff Central could look like as part of plans to enhance the station. The investment of up to £140m means we can deliver improvements to Cardiff Central to make it fit for a capital city and sustain future growth. "The proposals for the station form part of a wider significant investment going into transforming transport in central Cardiff including ambitious regeneration plans. We've submitted the full business case for the scheme and we'll soon be submitting the planning documents and if this is approved we can progress with the delivery of the enhancements." Transport for Wales say the revamped station will be part of an integrated transport hub in the city centre known as Metro Central with the idea to improve connections between bus, rail, walking, wheeling, and cycling and encourage sustainable travel. The go-ahead for the £100m first phase of the Cardiff Crossrail project, with a new tram link from the city centre to Cardiff Bay, has already been confirmed.
Savills reports significant profit growth but shares decline amid investment management struggles
2025-10-22 06:59:58
Savills has reported a significant increase in profits, despite its investment management arm experiencing a decline due to high interest rates. In its latest financial results, the FTSE 250-listed company announced a 7% rise in revenue to £2.4bn for the year ended December 31, up from £2.24bn in 2023, as reported by City AM. Underlying profit before tax surged by 38% to £130.4m, while reported profit before tax jumped 59% to £88.3m. Underlying basic earnings per share also saw a 31% increase to 66.2p. However, Savills' investment management arm saw an 11% drop in revenue, which the company attributed to valuation adjustments during the year, stating that "the raising and deployment of capital inevitably more challenging during a period of interest rate and price volatility." Despite the positive financial results, Savills' share price plummeted by over 5% this morning, continuing a month-long decline. The share price has fallen by more than 15% since mid-February. Analysts at Peel Hunt remain optimistic about Savills' prospects, stating that the company "remains a quality business" and is "poised for a healthy recovery as commercial transition activity returns to normal." They maintained their target price of 1,100p and 'Add' rating, saying "We continue to like the business model and believe it remains an attractive investment," Mark Ridley, Chief Executive of Savills, commented: "Savills improved performance in 2024 reflects the robust earnings provided by our less transactional businesses together with the effect of our inherent operating leverage in the early recovery of transactional markets." "Most markets were in recovery as we entered 2025 and, whilst uncertainty continues, there remains the expectation of reductions in the cost of capital during the year."
UK to announce extra £2bn in defence funding to support exports and allies
2025-10-23 16:12:37
The UK government has committed an additional £2bn to bolster UK defence exporters, aiming to secure more orders from international partners. This move expands the lending capacity of UK Export Finance (UKEF), the nation's export credit agency, to a total of £10bn. UKEF's Direct Lending facility offers loans to overseas buyers, enabling them to procure British goods and services. In the previous year, UKEF granted £8.8bn in loans, aiding 650 exporters and sustaining 41,000 jobs, with funds reaching countries including Poland, Qatar, and Ukraine. Chancellor Rachel Reeves is expected to unveil the extra funding during her trip to Scotland today, as reported by City AM. The Treasury has expressed its intention to enhance the competitiveness of the UK's defence sector and support UK exporters in extending their supply chains globally. Amidst rising global geopolitical tensions that are fuelling defence sector growth, Reeves stated that the UKEF boost will "kickstart economic growth" while also "strengthening our national defence." The Chancellor remarked: "The world is changing, and we must bring about a new era of security and renewal that protects working people and keeps our country safe. "This increase to UKEF's lending capability is our Industrial Strategy in action, bolstering our defence industry and supply chains, creating jobs and driving growth across the UK." This announcement comes on the heels of the government's commitment to elevate defence spending to 2.5 per cent of GDP starting April 2027. Business Secretary Jonathan Reynolds has articulated support for the defence sector, stating: "This new UKEF lending capability strengthens our support for the sector even further, and will help our defence firms export the best of British expertise abroad while boosting jobs and growth at home." Scottish Secretary Ian Murray also chimed in with his vision for the nation's security infrastructure: "We are entering a new era for our national defence and Scotland's world class defence industry is playing a big role in meeting that global security challenge."
Yorkshire's nutritious grass goes global as Burgess Pet Care exports to four continents
2025-11-14 14:22:35
Rabbits around the world are feasting on Yorkshire hay provided by an historic independent family business which is boosting its international profile. Burgess Pet Care, which is based at Thornton le Dale in North Yorkshire and has operations at Pollington in East Yorkshire, has secured a global listing with German distribution platform Zooplus. The move means the pet food manufacturer has boosted its European profile, adding to thousands of small animals it feeds with its Excel brand made from Yorkshire cut and dried hay. Annabel Coleman, Excel brand manager at Burgess Pet Care, said: "Yorkshire is known for its rolling countryside, typified by healthy green fields stretching towards big blue skies as far as the eye can see. It is a vision that embodies goodness and nutrition which is driving our international growth. It’s a great testament to our incredible farmers we work with that we are seeing so much demand for these products, and we’re delighted to offer owners in both the UK and around the world the chance to provide their small animals with a diet rich in the finest Yorkshire hay. "To respond to demand, we are currently developing larger pack size options and tasty herb additions to add to our hay ranges, UK and International, in response to the increased demand.” Rabbits and guinea pigs need to eat their own body size in hay daily as part of a recommended diet, and Burgess’ supplies its hay range sourced from specialist local farmers across four continents. The business started as a family milling operation in the 17th century before moving in to pet food production, with 60 years now in the market. It has long-standing links with the veterinary community and animal welfare charities including the RSPCA and Blue Cross, and is the driving force behind national campaigns such as both Rabbit and Guinea Pig Awareness Week, which seek to improve the health and welfare of these special animals – often through increased consumption of hay.
Kier Group shares tumble despite record £11bn order backlog
2025-11-11 00:28:50
Despite hiking dividends by a fifth and reporting a record £11bn order backlog, shares in Kier Group took a tumble this morning. The London-listed firm announced it would pay investors an interim dividend of 2p, marking a 20 per cent increase from last year's 1.67p, as reported by City AM. Kier Group's record £11bn order book saw a two per cent year-on-year rise, securing 98 per cent of its full-year revenue to date. However, shares dropped more than ten per cent in early deals, contrary to some analysts' predictions of a rise. On an adjusted basis, the half-year operating profit saw a three per cent increase to £66.6m, while revenue rose five per cent to £1.98bn. "These developments are testament to the hard work and commitment of our people who have enhanced our resilience and strengthened our financial position," stated Andrew Davies, Chief Executive. Davies assured shareholders that Kier was trading in line with the Board's expectations, following a solid start to the year. "The group is confident in sustaining the strong cash generation achieved over the last few years and is well positioned to continue benefiting from UK Government infrastructure spending commitments," he added. He further noted: "Kier operates in markets which are vital to the UK. We remain committed to delivering our long-term sustainable growth plan which will benefit all stakeholders." Kier Group also managed to reduce its average month-end net debt by 72 per cent to £37.6m. Shares have faltered in the current year, declining by 4.8 per cent amidst a backdrop of political and economic turmoil. Kier has expressed confidence in its positioning to capitalise on the UK government's escalated infrastructure expenditure, noting that approximately 91 per cent of its contract portfolio is with the public sector.
Global energy firm picks Birmingham for new UK head office
2025-11-16 02:55:29
A global energy firm has chosen Birmingham for its new UK head office. EcoFlow, which specialises in portable power and home energy services, is opening a new base on the Innovation Birmingham Campus where it plans to create 35 jobs. The company, which is headquartered in China and has teams in the US and Germany, will recruit for roles in fields such as engineering, customer service, marketing and business development. EcoFlow will join the West Midlands Global Growth Programme which is a funded initiative offering international companies support in the region. 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 delivered by the West Midlands Growth Company and Mayor Richard Parker who is taking part in a trade mission to China this week alongside other UK regional mayors. Ryan Xing, managing director of EcoFlow Europe, said: "The West Midlands is leading the UK's green industrial revolution, making it a stand-out destination for our new UK Headquarters. "This investment marks a significant milestone in EcoFlow's expansion, reinforcing our commitment to the UK market. "Our new home will provide us with convenient access to the region's ever-growing STEM talent pool and world-class R&D ecosystem, with unparalleled connectivity to potential partners across the UK and internationally. "We look forward to driving further investment into the region and supporting its journey towards a net-zero-carbon future as we embark on this next stage of EcoFlow's growth trajectory." Mr Parker added: "EcoFlow is a fast-growing company developing solar technology and smart energy solutions and now it is investing in the West Midlands. "This deal will deliver real benefits for local people - good jobs, greener power storage and a boost to our energy sector. Our region is open for business. "We're ready to welcome more forward-thinking investors who share our ambition to make the West Midlands a global leader in cutting-edge battery technology and clean energy." Innovation Birmingham is owned and operated by property group Bruntwood SciTech. Regional director Rob Valentine said: "The addition of EcoFlow to our Innovation Birmingham Campus marks a significant milestone for both the city's tech ecosystem and our shared commitment to a sustainable future. "As the first global technology unicorn to call Birmingham Knowledge Quarter home, their arrival not only reinforces the city's status as a leading tech hub in the UK but also aligns with our net zero vision.
Rainy day inspired Black Country entrepreneur to launch new business venture
2025-11-01 14:52:24
A Black Country entrepreneur has turned a rainy-day side hustle into a £1.2 million garden furniture business. Matt Grainger, founder of MG Timber, started by building picnic tables in his back garden during downtime from his roofing job. He has since grown the business to where it now supplies well-known brands such as carmaker Mercedes-Benz and Staffordshire theme park Drayton Manor. Some of its products have even been used in Hollywood movie Mamma Mia 2. 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. Mr Grainger founded Aldridge-based MG Timber in 2017 after being forced to take a day off work due to bad weather. What started as a small side project soon became a full-fledged operation. The company now operates from a 4,300 sq ft facility, employing eleven staff during peak seasons. He said: "I had an idea to build a picnic table when I was laid off for a day. This inspired me to build a workshop in the back garden and list them on eBay. "The woodworking generated very little profit initially and whatever it made got reinvested into tools." He spent £16,000 on premium Swedish redwood which he said proved to be a pivotal moment for the company but the gamble paid off, resulting in the company securing high-profile contracts. From sales of £30,000 in 2017, the company hit £400,000 by 2020 and has now reached £1.2 million in 2024. Looking ahead, the company plans to expand into international markets, with France on the horizon for 2025 following successful trials and new product launches including bin stores and larger picnic tables. Mr Grainger said: "Our goal is to turn over £1.5 million in 2025. "Manufacturing is such a hard business because growth demands so much in terms of machinery, storage and workspace.
Planning consultancy Axis expands into Newcastle with 10-strong Hoults Yard office
2025-10-22 06:36:15
Planning and environmental consultancy Axis has expanded into the North East with a Newcastle office. The North West firm, which employs 50 people across offices in Chester and Manchester, says the move has created new opportunities for collaboration and growth. Initially 10 people are based at the Hoults Yard office which hopes to take advantage of an evolving North East development landscape. The firm, now an Employee Ownership Trust, was established in 2000 and has built a track record in achieving consents across different sectors, particularly infrastructure projects. Its portfolio of work includes carbon capture and storage demonstration facilities, hydrogen schemes and battery storage facilities, among others. On Teesside, the Axis team has recently secured planning permission for a CO2 storage facility. Former Cundall planning director Ian Cansfield has been appointed to lead the Newcastle office as technical director. Mr Cansfield has worked in the North East throughout his career and has experience across the UK in masterplanning, regeneration, data centres, leisure and residential development. Mr Cansfield said " Bringing Axis to the North East in our 25th year is a fantastic opportunity to enhance our reach and offer our expertise to new clients. We look forward to working with developers, and businesses across the region to help bring forward successful projects with sustainable, intelligent planning at their core." Axis says recruitment is already underway to build a team in the Newcastle office to serve regional demand. Coun Dan Greenhough, cabinet member for economy, jobs and skills at Newcastle City Council, said: "Axis' decision to open a new office in Newcastle is a clear vote of confidence in our city and the wider North East region. As we continue to drive forward our plan for delivering inclusive and sustainable urban development, having experienced planning and environmental consultancy expertise on our doorstep will be invaluable. "We welcome Axis to Newcastle and look forward to seeing their contribution to shaping key infrastructure and regeneration projects in the years to come." As part its 25th anniversary celebrations, Axis has launched an initiative with rewilding and conservation organisation Make it Wild, through which it will create a woodland. The project will start with 75 trees (three for every year of Axis), with ongoing annual tree planting as a long-term investment in natural spaces.
Newcastle meat free firm Tiba Tempeh seals £1m investment deal
2025-11-16 13:34:45
A fast growing plant-based superfoods company is set for further expansion in the UK and overseas after sealing a £1m investment. Alexandra and Ross Longton first launched Tiba Tempeh after discovering the superfood – which is made with three ingredients of soya beans, live culture and water – at a beachside restaurant on the Gili Islands in Indonesia. After learning how tempeh is packed with protein, fibre, vitamins and minerals they travelled to Java where tempeh was invented centuries ago, to learn how to make it under the instruction of a world-renowned tempeh master. Now, Tiba Tempeh’s range of innovative meat-free products are already on sale in major supermarkets including Sainsbury’s, Morrisons, Ocado, Carrefour and Leclerc, with demand growing. Tempeh is now one of the fastest growing meat-free segments on the market, driven by more consumers moving away from ultra-processed foods and by those who are avoiding or reducing meat consumption. Now certified B-Corp Tiba Tempeh has secured a £1m investment from NPIF II - Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II, to support Tiba to invest in marketing, sales and further product development, with new products lined up to launch this year. The business offers a range of innovative tempeh products including an original block, plant-based mince, and a range of marinaded pieces that provide a meat-free solution for everyday meals. Unlike most meat alternatives, Tiba Tempeh is made from 100% natural and organic ingredients and is high in protein and fibre, gut-friendly, one of your five a day, vegan and gluten-free. Alex Longton, CEO and founder at Tiba Tempeh said: “Maven will add significant value to further scale our business and help us on our mission to create a healthier world by inspiring people to eat more naturally healthy and sustainable plant-based foods.” Rebecca MacDermid, investment manager at Maven, said: “Tiba Tempeh is an exciting brand, in a growing market where there is increasing demand for less processed, healthier meat free alternatives, with a focus on higher nutritional and protein content, which Tiba products provide. Alex and Ross are a fantastic team and bring a wealth of experience coupled with their passion for healthy, sustainable food alternatives will allow the business to experience continued success. We are pleased to support the next stage of their growth as they scale operations and expand their market presence across the UK and Europe.” Sarah Newbould, senior investment manager at British Business Bank said: “Access to healthier food options is a fast-growing market, and we are excited to see how this equity investment will give Tiba Tempeh the capabilities to launch its new products, with further expansion nationwide and into Europe. The Northern Powerhouse Investment Fund II provides important funding to support businesses like Tiba Tempeh with their growth plans.” The £660m Northern Powerhouse Investment Fund II covers the entire North and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
Assura poised to endorse KKR's new £1.6bn acquisition offer amidst shareholder considerations
2025-10-26 14:52:02
Healthcare property group Assura has received a non-binding proposal from KKR and Stonepeak Partners, offering 49.4p per share. This offer represents a premium of 31.9% on the closing share price of 37.4 pence on February 13, valuing Assura's share capital at approximately £1.6bn, as reported by City AM. Following this news, Assura's share price surged by 14.17%, reaching 46.5p per share. The board of Assura indicated that they are likely to recommend the offer to shareholders and will engage in discussions with KKR and Stonepeak. This marks the fifth offer made by KKR to Assura since last September. The most recent offer was in February, when it received an offer from KKR and USS Investment Management, which was rejected for being too low. Assura also announced today that it has turned down an offer from Primary Health Properties at 43p per share. AJ Bell analyst Russ Mould commented: "[The higher offer than in February] implies that KKR is prepared to do whatever it takes to secure the deal," and "The fact Assura's share price at 46.48p is trading below KKR's latest proposal implies the market doesn't believe Primary Health Properties is going to come back with a significantly better offer." He added: "It also suggests scepticism that the new KKR proposal is a done deal. The 31.9 per cent bid premium is significantly below the 47 per cent average for UK takeovers in 2024, meaning Assura's shareholders might feel they aren't being compensated adequately."
Eventum Orthopaedics secures £3.8m as it rolls out knee op device
2025-10-22 11:58:29
A Yorkshire company which is aiming to revolutionise knee replacement surgery is poised to ramp up its work after striking a £3.8m investment deal. Eventum Orthopaedics, which has 10 employees, was founded in 2020 by former medical executives John Naybour and Paul Atherton. The firm is now set to build up stocks of its device, which helps surgeons to cut and place the kneecap in total knee replacements. The medtech product, called QuadSense, has already launched in the UK, US and New Zealand, and now the Ilkley business has secured the new finance from NPIF II – Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II, as well as Mercia’s EIS funds and private investors including leading surgeons. The money will allow the business to help it develop two new devices, as well as build up stocks of its device, which it says helps to improve success rates in total knee cap replacement operations. QuadSense provides surgeons with real-time data on the position of the kneecap, and it has already gained regulatory approvals in the UK and US and has been used in over 300 procedures. The company has appointed distributors in both countries and in a number of other key international markets, and is developing similar devices for shoulder and hip operations. The latest funding round is the third led by Mercia Ventures and NPIF and brings the total raised by the company to over £7m. John Naybour, founder and CEO, said: “Total knee replacement is a common operation, yet two out of ten patients are not happy with the results and one in ten is very dissatisfied. Our mission is to improve success rates by providing data to help surgeons to make better clinical decisions. The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.” Rob Hornby of Mercia Ventures said: “Eventum’s product will not only improve outcomes for patients but also reduce the cost of treating dissatisfied patients which is estimated at £5,000 and £6,000 for each case. Having supported the company from an early stage, we are pleased to see it achieve this important milestone with the launch of its first product. We look forward to working with the team as they grow sales and develop new products to improve the success of other common operations.”
North East Business Awards launches in 25th anniversary year
2025-11-17 09:41:41
The North East Business Awards are returning to celebrate the best of the region’s business community. This year’s event marks the 25th anniversary of the awards being held to celebrate businesses in the whole of the North East. The awards celebrate exceptional businesses, individuals and teams who have set new standards of innovation, entrepreneurship and creativity. Winners in 10 categories will be selected in three parts of the North East – Northumberland and Tyneside; Durham, Sunderland and South Tyneside; and Teesside – before they are announced later this year on our websites ChronicleLive, TeessideLive and BusinessLive and in the pages of The Journal and the Gazette. The area winners for each category will then compete for the overall prize, with the grand final taking place at Hardwick Hall Hotel in Sedgefield on September 25. Last year the prestigious North East Business of the Year Award was won by North Tyneside robotics firm Wootzano. The company was praised for its cutting-edge technology and global ambitions, with its world leading expertise in its field helping it to win multi-million pound orders from around the world. Other winners on the night included Fairgrieve Compression Moulding, Noggin HQ and Big Bite. Tyneside software giant Sage is returning as headline partner, with Newcastle University signing up as the associate partner, and Made Smarter as a category partner. Journal editor Graeme Whitfield said: “The Business Awards have been a fixture on the regional business calendar now for 25 years. There is no better event for celebrating the best of our region’s brilliant companies. “I know from going to the awards over many years that winning – or even just taking part – can mean so much to boosting staff morale and raising businesses’ profile. I hope as many companies as possible enter the awards so we can really highlight our great companies to the widest possible audience. “It’s great to have Sage and Newcastle University back again as major supporters of the awards. Sage is a company born and bred in the North East, and this will be the fifth consecutive year that they have headline partnered with the awards. We're delighted to have their continued support.” Nikola McNicol-Kenney, VP for small segment at Sage in UK and Ireland, said: "With our global headquarters rooted in the North East, we are proud to once again be the headline sponsor of the North East Business Awards for the fifth consecutive year. This event is a testament to the region’s thriving innovation, exceptional talent, and outstanding business community, and we are committed to celebrating and supporting their continued success." Estelle Blanks, director of business development and enterprise and deputy director of research and innovation at Newcastle University, said: “Newcastle University is delighted to sponsor the NE Business Awards as an Associate Partner. Inclusive innovation is a key driver for economic growth. As a civic university, we play a key role in convening the local innovation ecosystem. “Our aim is simple: collaboration for innovation. By working together across industry, entrepreneurs, communities, and government, we can build on the opportunities for economic growth. For NEBA’s 25th anniversary, we are joining the region’s incredible businesses and entrepreneurial talent and look forward to showcasing our innovative spin-outs and start-up companies.” The awards are now open to entries and more details can be found at nebusinessawards.co.uk.
Lord Alan Sugar's empire hails record profit despite falling sales
2025-10-29 16:32:52
Despite a drop in sales, Amshold Trading, a group controlled by The Apprentice star Lord Alan Sugar, has reported record profits. The company revealed a pre-tax profit of £10.8m for the 12 months to 30 September, 2024, an increase from the previous year's £8.4m, as reported by City AM. However, according to new accounts filed with Companies House, its turnover fell from £28.4m to £27.1m. Amshold operates various subsidiaries, including Amscreen, a digital signage producer, and Amsprop, through which Lord Sugar manages his property investments. The group attributed the four per cent decrease in turnover to slightly fewer sales of Waferlite products and static income from media activities. Despite the record profit, no dividend was issued for the year, contrasting with the over £6m paid out in the previous 12 months. The board signed off a statement saying: "The year to 30 September, 2024, was busy, challenging and successful." They added: "Very pleasing results were delivered from a trading perspective." The company also noted: "Record profits were produced on the back of very strong demand for our new range of Waferlite products and good cost control." The business further commented: "The group has been better placed than most companies in being able to respond to the supply chain issues experienced by many markets since the Covid pandemic, although these issues have now improved significantly in the last couple of years." Earlier this month, City AM reported that Lord Sugar had sold his entire stake in Hernshead Group, an engineering and technology recruitment agency he has supported for over four years. The company was established by Tom Johnson in 2019, who managed to secure Lord Sugar's investment without appearing on the popular BBC One show, The Apprentice. Johnson now fully controls the Reading-based firm and plans to extend its reach across Europe and North America. In November 2024, City AM also reported that Lord Sugar's property venture, Amshold Limited, returned to profitability during its most recent financial year, following a significant loss. Despite a decrease in turnover from £11.4m to £8.7m, the company posted a pre-tax profit of £932,000 for the year ending 30 June 2024, a stark contrast to the previous year's pre-tax loss of £29.1m. Last June, Lord Sugar invested in R Nation, the company run by Rachel Woolford, winner of the latest series of The Apprentice. Lord Sugar's Amsvest Limited acquired up to a 50% stake in Woolford's company. According to the latest Sunday Times Rich List, Lord Sugar's estimated worth is £1.082bn.
The Gym Group's revenue and profit rise as growth plan gathers pace
2025-11-13 11:59:18
The Gym Group has reported a surge in revenue and profit, attributing the success to its 'Next Chapter' growth plan initiated in 2023. . The London-based company, boasting over 250 locations across the UK, posted a pre-tax profit of £3.6m for the year ending December 31, 2024, a significant turnaround from the pre-tax loss of £5.5m recorded in 2023, as reported by City AM. Year on year, the firm's revenue saw an 11 per cent increase, climbing to £226.3m in 2024 from £204m in 2023. Following the £5.5m pretax loss in 2023, The Gym Group launched its 'Next Chapter' growth plan, aimed at enhancing returns from its estate, accelerating the roll-out of new sites, and identifying additional revenue streams. In 2024, the company opened 12 new sites, hitting the top end of guidance, with plans to launch another 14-16 this year. The return on The Gym Group's estate increased by four percentage points year on year to 25 per cent, achieved through "higher yield, more cost-effective promotion, better targeted customer acquisition and early progress on retention." "This strong set of results reflects good progress against the strategic objectives set out in our Next Chapter growth plan," the company stated. "We believe there is still more benefit to come from the Next Chapter growth plan, giving us the confidence to increase guidance again to the top end of the recently revised analyst forecast range for FY25," said Will Orr, CEO of The Gym Group. The company reported that performance in 2025 has "remained strong" with an 8% boost in revenue year on year, a 4% rise in membership numbers, and another 4% increase in yield. "We have seen excellent momentum to date with increased membership, revenue and profit; and our market-leading proposition is more resonant than ever, in a sector that is growing.
Former Labour leader Lord Kinnock hits out at 'brutal' Cardiff University job cuts
2025-11-18 01:52:09
Former Labour leader and peer Lord Neil Kinnock has joined a host of prominent individuals and former students in condemning the severe cuts and employment reductions proposed at Cardiff University. In a strongly articulated letter addressed to the university's Vice-Chancellor, Lord Kinnock, who also previously served as the President of Cardiff University, cautioned that such measures would "diminish" the institution's stature. Lord Kinnock's intervention comes at a time when members of the Cardiff UCU are considering striking in response to what they see as draconian savings plans and the risk of 400 job losses, potentially disrupting key activities, such as exam marking. As an alumnus of the university's languages department, his letter sharply criticises the decision to shutter this faculty. Furthermore, he has communicated to the UCU that he will voice his opposition to the university regarding all proposed departmental closures and redundancies. Cardiff University shocked many when it disclosed in January its intention to slash 400 academic positions and close several departments including nursing, music, ancient history, modern languages, religion, and theology. Renowned mathematicians, musicians, scientists, and others have also publicly denounced these planned reductions, citing the detrimental impact they could have on Wales' prestigious Russell Group institution as well as broader economic, educational, and reputational consequences for the nation. University leaders have warned of a £31m deficit due to increasing costs, a decline in high-paying international students, National Insurance payments, and stagnant domestic tuition fees despite two recent hikes. The financial strain is a sector-wide issue, with Bangor University and the University of South Wales announcing a combined 290 job losses. Cardiff University academics are now pinning their hopes on members of the House of Lords to take up their cause against job cuts at a reception for alumni tonight (March 13). The event, hosted by Lord Griffiths of Burry Port at the House of Lords, promises "wonderful views of the River Thames" but has been targeted by the Cardiff branch of the University and College Union (Cardiff UCU) who are lobbying against the cuts. Members of the union felt "insulted" by the event's timing and have circulated a draft letter for at-risk staff to send to Welsh peers, with several offering support. The letter is signed by some of the 1,800 academic staff at Cardiff University who were informed on January 29 that their jobs were under threat. Peer engagement is being encouraged to address the proposed cuts at the university, with members of the reception urged to question key university personnel, including the Vice Chancellor. A particular point of contention raised by the University and College Union (UCU) is the choice not to utilise an alleged £188 million in cash reserves, which the Vice Chancellor has previously deemed financially imprudent. A Cardiff UCU spokesperson expressed the collective sentiments within the university community: 'We are currently balloting members on strike action. The mood in the university is angry and people are committed to doing what is necessary to save their jobs. The university executive board's actions have seriously damaged Cardiff University's reputation domestically and internationally. We have considerable staff, student, community, and political support and will mobilise it to pressure them to accept a less draconian and more measured restructuring plan to save jobs and avoid harming the institution irreparably.
Government announces major social housing initiative to tackle housing crisis
2025-11-08 18:40:44
The Government has announced plans to construct thousands of new homes in England, marking what is being hailed as the most significant increase in social and affordable housing for a generation. Chancellor Rachel Reeves has committed to a £2 billion grant fund that is poised to create up to 18,000 new homes across England, a move she believes will contribute toward "fixing the housing crisis." Described as a "down payment from the Treasury", this funding signals the onset of more substantial investments in social and affordable housing set to be unveiled later this year. With at least half of these 18,000 homes planned to be social housing, housing charities are pressing for the majority to be made available at social rent rates, especially with homelessness reaching unprecedented levels nationwide. This Tuesday's proclamation precedes the spring statement scheduled for the next day, where the Chancellor is anticipated to announce departmental budget slashes. This follows previously reported welfare cuts that have garnered criticism from Labour MPs, as well as speculations on a potential reduction in the digital services tax to avoid American tariffs. The initiative to escalate housebuilding aligns with the Government's ambitious target to erect 1.5 million new homes in the forthcoming five years. Last year, the New Economics Foundation advised that to meet the Government's housing target, 90,000 social homes would need to be constructed by as early as 2027/28, with an increase to 110,000 new social homes by the end of this parliament. This would contribute to a total of 365,000 social rent homes over the next five years. The Ministry of Housing, Communities and Local Government has confirmed that thousands of affordable homes will commence construction by March 2027 and reach completion by July 2029. Officials have highlighted that the funding will "unlock development and opportunity" on ready-to-build sites in key locations such as Manchester and Liverpool. During a visit to an affordable housing site in Stoke-On-Trent alongside Deputy Prime Minister Angela Rayner, the Chancellor unveiled the plans. Ms Reeves commented: "We are fixing the housing crisis in this country with biggest boost in social and affordable housebuilding in a generation." She further added: "Today's announcement will help drive growth through our Plan for Change by delivering up to 18,000 new homes, as well as jobs and opportunities, getting more money into working people's pockets." Ms Rayner, a member of the Cabinet, emphasised, "Everyone deserves to have a safe and secure roof over their heads and a place to call their own, but the reality is that far too many people have been frozen out of homeownership or denied the chance to rent a home they can afford thanks to the housing crisis we've inherited." She added, "This investment will help us to build thousands more affordable homes to buy and rent and get working people and families into secure homes and onto the housing ladder." Further strengthening her point, she noted, "This is just the latest step forward in delivering our Plan for Change mission to build 1.5 million homes, and the biggest increase in social and affordable housing in a generation." A stark statistic shows that in 2024, England registered the highest number on record in a decade with 1,330,611 households on local authority waiting lists for social housing. Not since 2014 has this figure been so close to the peak when it stood at 1,370,410. However, the Government warns that such figures may exaggerate the current demand for social housing. Reasons include households being tallied on multiple council lists and inconsistent timing of register updates, which means the actual number in need at any one time might be less. Last month's statistics reveal another concerning trend, where both the overall count of households in temporary accommodation and the specific count of children in these conditions reached unprecedented highs. The number of children living in temporary housing has surged to 164,040 as of the end of September, marking a 15% increase from last year and hitting the highest level since recordings began in 2004. In parallel, households residing in temporary accommodation reached an all-time high of 126,040 – up by 16% over the same period. Crisis CEO Matt Downie responded positively to Tuesday's government announcement, which he hopes "signals the beginning of a social housebuilding programme that will radically shift this country's response to homelessness, putting housing at the heart of the solution". He emphasised the importance for the government to "ensure that the vast majority of the initial 18,000 homes are for social rent so that people facing homelessness can access them". Shelter also welcomed the move as a "positive step" but stressed that it's "vital that the majority of this funding is directed towards social rent housing, not expensive alternatives that won't help struggling families". Polly Neate, Shelter's Chief Executive, reiterated their appeal for a commitment to construct 90,000 social homes annually, stating that this pledge should come during the June Spending Review. She conveyed: "This is the Government's moment to prove it is serious about tackling the housing emergency. Without a major funding commitment to 90,000 social homes a year for ten years, homelessness will keep spiralling, and millions will remain trapped in unstable, overpriced housing." However, Kevin Hollinrake, the Conservative shadow housing secretary, stated that without reducing the number of people crossing the Channel in small boats, it was "simply no way for the Government to stop every single home built with this funding from simply coping with the population growth from illegal migrants, many of who might not even have left Calais yet". He further added: "Only the Conservatives under new leadership will take action to stop illegal crossings and prevent millions from gaining access to social housing." It's worth noting that individuals residing in the UK illegally are ineligible to apply for social housing. Those granted asylum can apply, but their lack of a "local connection" often results in them having less chance of securing a social home than longstanding UK residents, according to the Chartered Institute for Housing. In other news, Ms Reeves stated she does not "recognise" reports suggesting ministers may means-test free school meals as part of the cost-cutting drive across Government and insisted the digital services tax was "hugely important". Ahead of the spring statement, the Prime Minister told BBC Radio 5 Live on Tuesday that he wanted to "take some money out of Government" and was looking "across the board" at where to make spending cuts. Sir Keir maintained that the Government had made "record investments" at last October's budget and that the statement would not "alter the basics" of public spending. The Chancellor and his counterpart are grappling with a challenging fiscal situation, as Ms Reeves has consistently stated her unwillingness to deviate from her fiscal rules that prohibit borrowing for day-to-day expenditure. This has resulted in increasing pressure on how to balance the budget – through tax hikes or spending cuts – amidst disappointing growth figures and higher-than-anticipated borrowing.
Sara Davies reveals why leaving Dragons' Den is the best business decision for now - but watch this space
2025-10-26 18:17:44
The year 2025 so far promises to be the most hectic in entrepreneur Sara Davies’ life. Having started the year by taking back control of the business she launched as a student, Sara has been on our TV screens with the BBC’s The Big Idea Works, been revealed as the host of a new ITV game show and is also now publishing her third book. The last week alone has seen her journey to Birmingham, America and London for work, take part in events with North East entrepreneurs in Newcastle, take to the stage for an International Women’s Day special fundraiser for Smart Works Newcastle at Wylam Brewery – and she even popped up alongside North East legends Bob Mortimer and Chris Ramsey on BBC comedy show Would I Lie to You. Having previously revealed how much she wanted to make the most of the opportunity to rebuild Crafter’s Companion, it should come as no surprise that she is stepping away from the Dragons’ Den. She said it was a very difficult decision, but one that was necessary for her to maintain her focus on the Newton Aycliffe business, which she took back when its directors placed it into administration following two years of losses. Despite growing to become one of the biggest businesses of its kind over the last 20 years, selling crafting kit and supplies across the world in more than 40 countries through its website and retail stores and through TV shopping channels, the business has been impacted by challenging trading conditions and rocketing costs, which eventually led to backers at Growth Partners putting it in administration. That paved the way for Ms Davies’ return as CEO, having moved to the side-lines as a minority shareholder a year earlier, after a two-week race to assemble the capital to take back the business and save more than 110 jobs. Two months on from striking the deal with administrators to buy her “third child” in a £425,000 deal, with support from an undisclosed backer, Ms Davies has spoken of the work she is carrying out with workers, suppliers and customers to rebuild the business. Ms Davies, who was last week announced as the host for new ITV quiz show Time is Money, even met up with some of her loyal customers in the US last week, and told of her excitement for the future of the business. She said: “It’s been an absolute whirlwind couple of months. I now understand what turnaround looks like, but I am loving it, loving the positive energy, the vibe. I’ve got a brilliant workforce. I’m just leading - it’s the staff that are doing the work. “And our customers have welcomed us back with open arms too. I’ve gone out with my heart on a sleeve, being really honest with them, telling the customers ‘these are challenges we’ve had, this is what is being done and this is how we going to do it’. We are putting the customer right in the middle of every decision we make as a business. And they have lapped it up. “I had some customers in America who reached out to me, crafters who didn’t know each other but were customers of Crafter’s companion and who met on one of our communities online. They became friends and now meet up every month to teach each other crafts. They said when you’re next in America, we’re going to come to you and will take you for lunch. “So last Tuesday when I was in America, they took me for lunch! It was so wonderful to see their passion, for the products, and for the business. People are so excited to have me back because it’s the Crafter’s Companion that they always knew.” Ms Davies told us in January how she wanted to go back to basics, and for the business to become more agile, just as it had been in its smaller, early days. As a result, she is holding regular meetings with suppliers while also actioning change within the company’s operations. She has also been holding meetings with key suppliers and is due to fly to China soon, to talk about how to build the business. She said: “When I wanted to save the business, it wasn’t just about our business here, but the businesses that have formed as a result of us on the supply base that comes with all of those. So while I was trying to save 112 jobs in crafters companion, there’s probably another 100 to 200 people working in other companies as a result of the supply chain feeding into us.” She highlighted how the staff themselves are also stepping up to help with the turnaround plan. She said: “We’ve done a lot of work in our warehouse and what’s really lovely is we’ve got three young lads in our warehouse who’ve worked with us for many years. They came forward in the first few weeks and said ‘Sara we’re not running the warehouse as efficiently as we could be, but we can fix that. Would you support us?’. “To have three young lads come knocking on my door wanting to drive positive change made me so proud. It’s not me that’s going to change the business. I am just one of 112 staff. And the biggest thing I’ve learned is that culture is everything. How your staff feel. If you can get your staff feeling good then they will work really well. Last year they just didn’t feel good. But now I can show them where we’re going, what the plan is, and create an environment so they can come and tell me how they can help.” Her comments come in the week that her third book – The Six-Minute Entrepreneur: 52 Short Lessons for Long-Term Business Success – goes on sale. The book comes three years after the publication of her autobiography We Can All Make It, and was instigated by Fred Sirieix, who presented The Ultimate Wedding Planner alongside Ms Davies and who put her in touch with a contact of his called Jason, who helps the First Dates’ star to construct his speeches. “I met up with Jason who said ‘you’ve got so much to say Sara, but stop trying to say it all in one go. Break it down into chunks, otherwise it’s too much for people. He worked with me to help me understand my life story, all of the key things that have happened in my life that might be really useful when I go and speak to an entrepreneurial audience. “I’ve got examples from Strictly and how that’s helped me learn about ‘being present’, things from Crafter‘s Companion that help me deal with the ‘mum guilt’ and I’ve got stories from Dragons’ Den about imposter syndrome and how I felt like an impostor my first time in the den. “He said ‘do you realise that only a tiny fraction of this is in your autobiography? So I went to the publisher, suggested I had enough content for another book and asked if they would you be interested and they were like ‘hell yes! when can you write it?’. The book includes 52 chapters, all pertinent stories from Ms Davies life and what people can learn from it, each of which can be read in six minutes. Sara said: “My big thing is I just want to share what I know with people. For everyone to have my experience so they learn from my mistakes and then don’t make them again, and tell them how I’ve made the successes so they can replicate them. It fills my cup up. The more I put out there in the universe the more the universe seems to return. “The problem with me is, as you’ve learned, I can talk for England. So I worked with the same ghost writer who helped me with my autobiography. She edited my stories down to get it into six minutes, she is brilliant. “The whole principal is that everybody’s busy and you don’t want to be reading too long. So if you just learn one a week - don’t try to gabble through the whole book in just one read - take on the reflection points and then if you do them one a week it’s a year’s worth of self-development in which you can learn from my life.” While Ms Davies might have announced that she is stepping away from BBC pitching panel show Dragons’ Den, after a successful six-year run, she hinted that she could return. She said: “I had a good talk with the producers. I’ve committed to so much stuff, like the ITV show that was announced last week, all before I knew I was coming back to Crafter’s, which is more than a full-time job. And Dragons’ is a full-time job. The bit that people see on TV is just the tip of the iceberg. “The 17 days of filming over six weeks I could cope with. It’s the fact I’ve taken on 12 businesses on average each year, and the due diligence process over the next few months is really intense as you get to know those businesses. Then once I bring those businesses in, I want to do a good job of it. I don’t want to half heartedly take a business on and not have time for them, I want to really mentor them and becoming an extended part of their business family. “All of that takes a lot of bandwidth and brain space. It’s splitting myself into so many places. I’m at capacity in terms of being a business mentor, so it would be irresponsible for me to take on new businesses.
London's luxury real estate resilient amid non-dom reforms and global economic shifts
2025-11-09 23:31:31
A leading luxury estate agency has reported that the super-prime London property market has performed better than anticipated, despite the government's non-dom reforms. It suggests that the market could benefit from Britain's "boring but solid" political climate amidst global instability, as reported by City AM. In a discussion with City AM, the co-founders of Christie's International Real Estate (CIRE) dismissed concerns that abolishing the old tax regime might negatively impact the London market. They noted a noticeable increase in high-value property purchases in the capital. Mike Golden, co-chief executive of CIRE, stated: "While I don't think that changing the non-dom rules was positive, the reality is that almost the opposite has happened." He added: "The luxury market [in the UK] has been very very strong. The market for the super prime – the more than £10m properties in London – is flourishing." Last October, in her first Budget, the Chancellor decided to scrap the centuries-old generous tax status given to wealthy foreigners, known as the non-domicile (or 'non-dom') regime. She argued at the time that individuals who "make Britain their home, should pay [their] taxes here." This decision led to a wave of warnings from the UK's top estate agencies that demand for London property would suffer due to being located in a less competitive tax jurisdiction. Golden and his business partner Thad Wong have dismissed rumours, highlighting that the number of high-value property deals in the last quarter of the previous year—coinciding with the announcement of reforms—was twice that of the same period in 2023. "The London market was a little suppressed, but I think that's coming back," Golden commented. "London is London, and 2023 and 2024 weren't the best years in the real estate world in general, But the good news is that the UK luxury market has been a little more resilient." CIRE, currently listing a Beverly Hills City mansion for $75m (£58m), has emerged as a top contender in the luxury real estate sector, competing closely with Sotheby's International Realty. Since acquiring licensing rights in 2021, Golden and Wong have rapidly expanded CIRE through strategic licensing agreements and entering new markets. The firm notably facilitated one of 2024's priciest transactions—a $152m (£117m) island in Palm Beach—and managed the sale of Bridehead Estate in Dorset for around £30m. The super-prime segment of London's property market has remained relatively robust compared to other regions, with ultra-high-net-worth individuals (UHNWIs) less affected by rising interest rates and economic uncertainties. Concerns have been raised by industry figures that the recent downturn in US stocks and unpredictable tariff policies from the White House might negatively impact the high-end US real estate market, which has enjoyed a prolonged period of growth. "When you see a jittery stock market, that invokes fear... and fear spreads a lot more than positivity," Wong commented to City AM. The Ripley Castle estate in North Yorkshire is currently listed for sale at £21m (image courtesy of CIRE). Golden highlighted the UK's emerging image as a "steady Eddie" economy, which could appeal to international buyers looking at super-prime properties, despite higher taxes than other developed nations such as Italy, Portugal, or Switzerland. "It wouldn't surprise me at all to see more people continuing to buy in the UK, seeing it as 'boring but solid'," he remarked. A resurgence of international interest in the super-prime segment would signal the end of a nine-year decline in luxury London property. The capital, once a hotspot for high-value homes since the millennium, has found it challenging to overcome the lingering impacts of Brexit and the pandemic.
Gordon Ramsay's TV company rakes in £60m as chef's empire continues to soar
2025-11-02 10:40:57
Gordon Ramsay's production company, Humble Pie Productions, trading as Studio Ramsay, has reported a significant increase in turnover and continued profit growth in its latest financial year. The company posted a turnover of £60.6m for the 12 months to 30 June, 2024, alongside a pre-tax profit of £7.1m, as reported by City AM. This is a notable increase from the £43.1m turnover and £5.6m pre-tax profit achieved in the 18 months leading up to June 2023. The recent results, filed with Companies House, follow a reported turnover of £7m and pre-tax profit of £226,459 for the calendar year of 2021. Following a joint venture signed with Fox in September 2021, the company has been commissioned to produce shows such as Trailblazers for the BBC, Gordon's Food Stars of Fox and Next Level Chef for both ITV and Fox. Studio Ramsay stated that these commissions have "significantly contributed to the significant increase in the turnover during the period". The London and Glasgow-based company also noted that the decrease in its gross profit margin, from 27 per cent to 18 per cent, was "driven by the increase in productions during the year." Furthermore, it highlighted that "the high margin achieved from the distribution and participation revenue streams have little or no costs of sale". Other productions by the company include Gordon Ramsay's Future Food Stars, Gino's Italian Family Adventure, and The F Word. In May 2024, City AM reported Gordon Ramsay’s restaurant turnover for the year leading up to August 27, 2023, was £95.6m, a significant increase from the previous year's £78.9m. However, pre-tax losses also increased from £1m to £3.4m during the same period. The group has stakes in 56 restaurants, including 34 in the UK and 22 licensed locations across Europe, the Middle East, and Asia. These include Gordon Ramsay's flagship restaurant, the three Michelin-starred site on Royal Hospital Road, London, and the one-starred Petrus. The group also operates three restaurants at the Savoy Hotel, which includes the one-starred 1890 by Gordon Ramsay, and two Lucky Cat by Gordon Ramsay restaurants in Mayfair and Manchester. In July 2024, City AM also reported that Gordon Ramsay had partnered with Rupert Murdoch's Fox Corp to invest $100m (£77m) in HexClad, a manufacturer of nonstick cookware. This deal resulted in Studio Ramsay acquiring a minority stake in the business.
Bellway boosts output and profits as buyer confidence returns
2025-10-31 21:53:54
The number of homes built by Bellway - and its profits - have risen thanks to lower interest rates and more confidence from buyers. New half-year results show operating profit at the North East-based housebuilder grew to £154m in the half year to the end of January, compared with £132.5m in the same period the year before. That came as revenue was up to £1.42bn, from £1.27bn in the six months to the end of January 2024. Bellway saw housing completions grow nearly 12% to 4,577 in that time, and is confident of delivering at least 8,500 this year. That level will be up from the 7,654 completions in 2024, but down on the near 10,950 it achieved in 2023. Speaking to BusinessLive, Bellway bosses pointed to a "sea change" in the culture across planning authorities since the Labour Government came to power - as well as the firm's own land buying activity over recent years - in helping volume growth. Enhanced sales rates has given the developer hope that it will see 20% volume growth between this year and next, with ambitions to reach 10,000 properties per year by 2027. To reach that level, Bellway chief commercial officer Simon Scougall said there would need to be changes across social housing. He welcome trailing of an announcement on £2bn of grant funding to create 18,000 social homes in England, ahead of the Chancellor's Spring Statement this week. Having pointed to a squeeze on affordability for customers that need higher loan-to-value mortgages, the firm's chief financial officer Shane Doherty said he thought interest rates were beginning to stabilise but called for more support for first time buyers to be able to get a bigger deposit. He said there is a more than 1% interest rate gap between first time buyers and those who can get a deposit for a 75% loan to value ratio. Bellway has previously set itself a goal to use timber frames in about 30% of its houses by 2030. A manufacturing facility for those frames will be opened near Mansfield, Nottinghamshire, where the business has signed a long-term lease agreement for a 134,000 sqft unit that is set to become 'Bellway Home Space'. A management team is in now in place and the factory is set to open this summer with the first frames leaving early next year. Jason Honeyman, group chief executive, said: "Bellway has delivered a strong first half performance with good growth in volume output and profits. Underlying demand for our homes is healthy and we have been encouraged by the improvement in customer enquiries and reservations since the start of the new calendar year. The group remains on track to deliver volume output of at least 8,500 homes (July 31, 2024 - 7,654) in the full financial year and we currently expect to build the order book through the second half to support further growth in financial year 2026. "I am confident that, given our operational strengths and land bank depth, we remain very well-positioned to capitalise on the positive long-term fundamentals of the UK housebuilding industry, and Bellway will continue delivering the high-quality new homes the country needs." During the first half, Bellway recorded a net adjusting charge of £9.4m in relation to legacy building safety issues. It means the developer has set aside a total of £665.1m since 2017, and has spent £163m since the start of its remediation programme.
Mark Carney named next Canadian PM after winning party leadership vote in landslide
2025-11-19 22:54:13
Mark Carney, former governor of the Bank of England, has recently been elected as the next Canadian prime minister, emerging victorious in the Liberal Party leadership vote with a resounding 85.9 per cent support. Carney will be stepping into the role following Justin Trudeau's nine-year tenure, as reported by City AM. Known for his leadership of the UK economy through Brexit and the COVID-19 pandemic from 2013–2020, Carney was notably the first non-Brit to assume the top position at the central bank, which has existed for over 300 years. During his time at the Bank of England, he implemented a reduction in interest rate meetings from 12 to 8 annually. The former central banker gained significant popularity amid Canada's tumultuous relations with the Trump Administration, which imposed 25 per cent tariffs on various Canadian imports. In retaliation, the nation struck back with £16bn in tariffs on American goods such as orange juice, peanut butter, coffee, and appliances. Upon celebrating his victory, Carney fiercely criticized Trump's "unjustified tariffs" and his "attacks" on Canadian families, workers, and businesses. Looking ahead, Carney, who is expected to be officially sworn in shortly, will spearhead his party into the impending general election that may take place within weeks. His campaign platform presented a marked return to centrism, distancing from the leftward shift associated with Trudeau's Liberal agenda. After making commitments to housing and clean energy investments, and advocating for liberalised trade within Canada, Carney has also emphasised the need to diversify Canada's economy away from the US. The Liberal Party, currently leading a minority government, has experienced a surge in support amid Trump's trade threats and growing discourse about Canada becoming the "51st state". Initially trailing behind, the Conservatives were ahead in early polls by as much as 20 points before witnessing a resurgence of support for the Liberals. Upon celebrating his victory, introduced by his daughter Cleo, Carney declared, "Who is ready to stand up for Canada with me?" He championed the unity and strength of the Liberal Party, asserting, "Yes Canada, the Liberal Party is united and strong and ready to fight to build an even better country." Addressing Donald Trump's hostile trade stance and suggestions of annexing Canada as the 51st US state, Carney forcefully stated, "We have made this the greatest country in the world and now our neighbours want to take us. No way." He expressed concern that American ambitions aimed at Canada's rich resources—"our water, our land, our country"—had deeper implications. Carney warned, "Think about it. If they succeeded, they would destroy our way of life... America is a melting pot. Canada is a mosaic."
Unilever to speed up sale of underperforming labels as part of major shake-up
2025-10-25 13:42:28
Unilever's Chief Executive, Fernando Fernandez, has announced plans to expedite the sale of its underperforming brands and concentrate on its 30 power brands. He stated that the FTSE-100 company would operate at a "faster pace" and identified approximately €1bn (£840m) worth of brands in its Foods Europe division that "don't fit well" with the company's portfolio, as reported by City AM. These remarks are his first since assuming the role two weeks ago, following the departure of former CEO Hein Schumacher after less than two years. Schumacher had initiated a comprehensive "productivity programme," which included significant job cuts and the spin-off of its ice cream division, encompassing the Ben & Jerry's brand. Following a "full review" of separation options, it was decided that the ice cream business will be incorporated in the Netherlands and maintain its headquarters in Amsterdam, while also being triple-listed in New York, London, and Amsterdam. The Financial Times reported that Unilever's board believed CFO Fernandez was "better suited" to implement the turnaround plan. Speaking to Barclays analyst Warren Ackerman, Fernandez said: "Every brand in our portfolio, every category in our portfolio, has to earn the right to remain in our portfolio. I don't have any emotional engagement with any brand when it comes to portfolio management." He added, "Time will tell what we do with our portfolio in the long run, but that's the position at this stage." In addition to last year's sales of Unox and Zwan, Fernandez revealed that there is another £420m in smaller Unilever markets that the group does not believe it can scale and is likely to sell. Unilever's 30 power brands contribute to 70 per cent of its revenue. In the full-year results released last month by Unilever, the consumer giant reported "exceptionally weak" guidance, according to analysts.
Aptamer Group doubles half-year revenue as firm sees 'strong and sustainable' commercial momentum
2025-11-04 23:15:27
Directors at Yorkshire life sciences company Aptamer Group said the business is now starting to deliver “strong and sustainable commercial momentum” in its half year results. The York group, launched on AIM four years ago to capitalise on the potential of its optimer binder technology, has issued interim results for the last six months of 2024 showing revenues more than doubled from £300,000 to £700,000, while it also narrowed its operating loss from £1.87m to £1.18m. During the period it carried out a successful fundraising of £2.6m, and it also completed a further reduction of its fixed cost base to around £3m a year. It also highlighted a strong sales pipeline valued at £5.1m, with £3.2m of that sum in advanced negotiations, on the back of it signing new contracts with global pharma firms, including the likes of Unilever. At the period end, Aptamer had cash reserves of £2m, up from £1.8m, which it said it supporting the group’s ability to execute its strategic plans. Highlights included the extension of its contract with Unilever to enable testing of deodorant optimers in on-person trials, and it also struck an agreement with AstraZeneca in July. Meanwhile, working with Neuro-Bio, Aptamer has developed optimer binders to a novel Alzheimer’s disease biomarker, to enable a diagnostic test for early-stage Alzheimer’s disease. Dr Arron Tolley, CEO of Aptamer Group, said: “I am pleased to report significant milestones across each of the Group’s asset development programmes. This includes the initiation of human skin trials with Unilever for our optimer deodorant additives. We have also validated our binders for Alzheimer’s disease diagnostics with clinical samples with solid results. "The Group’s internal focus on drug delivery is moving forward at pace with success in lab-based tests for our fibrotic liver delivery vehicle with AstraZeneca and other internal validation work using the same delivery vehicle, such as reversal of fibrosis markers using a different siRNA. These advancements reinforce the power of Aptamer’s platform and the Group’s ability to deliver commercially valuable molecules across a range of different areas. “Our fee-for-service pipeline has delivered success across multiple customer projects, creating additional valuable assets within the enzyme modulating reagent sector, where licensing discussions are currently under way. Furthermore, a second validated therapeutic delivery vehicle is now in the final stage of commercial development. "These assets will add to Aptamer’s current portfolio, supporting downstream revenues and further demonstrating the strength of the group’s discovery platforms. We are focusing on the commercial exploitation of numerous assets from a licensing perspective, which exemplifies the potential value of the group’s platform and its progression towards generating passive income streams.
Yorkshire Water to pay out £40m after sewage overflow failings
2025-10-22 14:17:54
Yorkshire Water has been fined £40m by Ofwat due to shortcomings in its wastewater and sewage management. The industry regulator uncovered "serious failures" in the company's operation and maintenance of its sewage network during an investigation. This led to an excessive number of spills from storm overflows, according to Ofwat. Acknowledging its shortcomings, Yorkshire Water has consented to the enforcement measures. Over the next five years, it will allocate £36.6m to expedite improvements on particularly troublesome storm overflows in areas of environmental significance. Additionally, the water provider, serving over five million customers, will contribute £3.4m to the Great Yorkshire Rivers Partnership. This news arrives as Yorkshire Water is poised to raise its annual customer bill by 29% starting April 1. Ofwat stressed that the fine will be paid by the company and its shareholders, not by customers. Lynn Parker, Ofwat's senior director for enforcement, said: "Our investigation has found serious failures in how Yorkshire Water has operated and maintained its sewage works and networks, which has resulted in excessive spills from storm overflows. This is a significant breach and is unacceptable. “We are pleased that Yorkshire Water has recognised this failure and is taking steps to put it right for the benefit of customers and the environment. They deserve credit for stepping up and agreeing an enforcement package with us that will help get things back on track as soon as possible. These commitments will contribute to the company delivering on its promises for cleaner rivers and seas. “We now expect them to move at pace to correct the remaining issues our investigation has identified. We hope more companies will follow this example so that the public sees transformative change across the sector." Nicola Shaw, chief executive of Yorkshire Water, said: "We know our storm overflows operate more frequently than we, or our customers, would like them to. Since 2021, we've been actively taking steps to improve our performance. We began remedying all the issues that had been identified, during Ofwat's investigation, at our wastewater treatment works, and then took the additional decision to start our £180m investment programme to reduce discharges further. We've now completed work at 70 storm overflows and we're about to start our £1.5bn programme to reduce discharges even further over the next five years. "We know there's still more for us to do. We're at the forefront of the industry to get this resolved and we're looking forward to delivering our ambitious plans to improve river health in Yorkshire. We apologise for our past mistakes and hope this enforcement package goes some way to show our commitment to improving the environment. The overflows we'll be investing in will be ones that were due to receive investment in the 2030-35 period and we'll be accelerating improvements to them. We are pleased that Ofwat understands the importance of this money staying within our region to help fund vital environmental improvements that will have real benefits for the customers of Yorkshire."
LVMH-backed Stella McCartney brand sees sales slump as losses widen by £15m
2025-11-16 10:14:36
Stella McCartney's fashion brand has reported a significant drop in sales, with losses increasing by £15m in the year before the designer bought out LVMH. The accounts, filed nearly six months after the Companies House deadline, reveal that Stella McCartney Ltd's turnover was cut from £40m to £21.9m in 2023., as reported by City AM. The pre-tax loss also increased from £10m to £25m during the same period. The company hasn't made a pre-tax profit since reporting £9m in 2017 and has since accumulated a pre-tax loss of over £143m. The accounts for 2024 are expected to be filed with Companies House by the end of September this year. Following the buyback of LVMH's 49 per cent stake in her fashion brand, which the luxury giant held for five years, McCartney will continue to advise LVMH chief Bernard Arnault and the group's executive team on sustainability issues as global ambassador on sustainability. LVMH initially acquired the minority stake in 2019, one year after McCartney purchased Kering's 50 per cent stake in her brand. McCartney, daughter of Beatles' Paul McCartney, had collaborated with Kering for 17 years, with Gucci – now a division of Kering – assisting in launching the brand in 2001. LVMH, the world's leading luxury goods group, boasts an extensive portfolio of high-end brands such as Givenchy, Celine, Fendi, and Dior, alongside prestigious champagne houses Dom Pérignon and Krug. In a bid to enhance sales, fashion label Stella McCartney Ltd has acknowledged the challenges it faces due to inflationary pressures on materials and wages, which have notably impacted the cost of goods sold. A statement approved by the Stella McCartney Ltd board read: "In 2023 the company, as the entire market, has also faced significant pressure from inflation on materials and salaries, with adverse effects in particular on the cost of goods sold." The brand has responded by adjusting its pricing strategy and seeking efficiencies to counteract these external factors, stating: "This external factor has been mitigated by the review of selling prices and increase where relevant vs competition but has also being turned into an opportunity to further review ways of working, finding efficiencies, fighting waste, while remaining fair to partners and employees." Despite reducing administrative and back office expenses in 2023, Stella McCartney Ltd continued investing in initiatives to support long-term growth and enhance brand visibility.
Jasper Carrott to star at charity lunch
2025-10-28 09:31:48
Brummie comedian Jasper Carrott will be the guest of honour at a charity lunch in the city. The Journalists' Charity will be hosting the event as the performer marks his 80th birthday this month. It takes place on May 2 at Edgbaston cricket stadium. The charity was founded by Charles Dickens in 1864 to help journalists and their dependents going through tough times and offers advice, emergency support and financial assistance. Jasper has been a great supporter of the charity for many years and was recently appointed a life vice-president. He said: "If I am still alive by May 2, it will be my pleasure to entertain many close friends from the world of journalism and entertainment. Nothing is planned so nothing can go wrong? "I am so looking forward to it, I have bought a new bib and a pair of socks. Come and join me, I would dearly love to see you all.” Derek Inman, chairman of the charity's Midlands district, added: "Jasper at 80, what a milestone. "He is a true legend, one of the funniest comics the region has ever produced. It is a real honour that he has chosen to celebrate this special occasion with us.”
Balfour Beatty investors set for huge windfall as construction giant's orders soar
2025-11-06 19:24:04
Balfour Beatty has increased its dividend following a highly successful year for the construction giant. The London-based company proposed a final dividend per share of 12.5p on Wednesday, marking a nine per cent increase from last year's 11.5p, as reported by City AM. Basic earnings per share also climbed from 34.2p to 43.6p. Balfour Beatty is currently undertaking a multi-year share buyback programme and declared plans to repurchase £125m worth of shares in 2025. This means shareholders can anticipate approximately £188m in returns in 2025, up from £161m in 2024. The cash returns were announced as Balfour Beatty's order book expanded to £18.4bn in 2024 and its annual pre-tax profit surged from £214m to £289m. The contractor presently holds significant contracts at HS2's Old Oak Common section and Hinkley Point C, and is also involved in a major upgrade between Junction 10 on the M25 and the A3. On an underlying basis, annual revenue remained steady at £10bn. CEO Leo Quinn, who is set to retire later this year, said in a statement: "We once again delivered managed profitable growth from our earnings-based businesses and healthy cash generation, while also increasing our high-quality order book." "The Board continues to have confidence in Balfour Beatty's ongoing ability to deliver sustainable cash generation for significant shareholder returns, as evidenced by our announcement of increased dividends and share buybacks for 2025."
Betr Outsourcing saves 95 jobs in Sunderland after Energy Compare closure
2025-11-03 19:42:47
Call centre firm Betr Outsourcing has intervened to save 95 jobs from a failed competitor on Wearside, with plans to create at least 60 additional roles this year. The company, which operates from Sunderland and Glasgow, has absorbed staff from Doxford Park's Energy Compare Limited. The latter went into administration after losing a significant contract, resulting in around 120 job losses. The contact centre had been serving clients So Energy and Love Holidays before its abrupt closure. Betr is headed by Richard Knox, one of the original founders of Energy Compare, who left the firm after it was sold to South Africa-based Ison Xperiences. Currently, Betr employs approximately 140 people near the Stadium of Light and has been paying former Energy Compare staff on a weekly basis to help them cope with the sudden loss of income, reports Chronicle Live. When Energy Compare's closure became imminent, customers reached out to Mr Knox and a team of directors based in Sunderland - Cally Heads, Chris McCoulough and James Palmer - urging them to quickly take on the contracts. Less than a week later, Betr had mobilised and got the remaining staff back on the phones. Mr Knox said: "The staff were over the moon because they walked into a job that they were ultimately doing, so there was none of that fear factor. Yes, they were joining a different company but the day-to-day job they knew inside out. They also knew a lot of familiar faces at our end." He added: "And to give them the financial stability of the weekly pay just helped them out. And actually the clients were great as well because we asked them if they could pay us quickly in order to support the agents and they agreed because they all wanted to and understood." Besides the contracts assumed from Energy Compare, Betr employs approximately 200 people managing a major contract for Scottish Power, with additional involvement in the sector through contracts with Rebel Energy, Tomato Energy, and SmartestEnergy. With the recruitment from Energy Compare, the company's workforce has reached around 400, aligning with its aspirations for further growth. Mr Knox added: "Our growth has been great, and it's also a great story from a North East and UK perspective. Because in the contact centre industry, the majority of jobs are being pushed offshore and we're really flying the flag."
Mining giant Rio Tinto counters calls to abandon London for Australia
2025-11-11 12:34:42
Rio Tinto has responded to calls for it to abandon its London listing in favour of Australia, stating that the claims made by an activist investor are both "unfounded and misleading." The mining behemoth maintains a dual-listing in London and Sydney, but has been under pressure from investors to shift towards an Australian-domiciled holding company, as reported by City AM. Palliser Capital, backed by influential proxy advisers Glass Lewis and Institutional Shareholder Services (ISS), has proposed a motion for Rio Tinto to establish a committee of independent directors to assess whether unification is in shareholders' best interest. However, in a statement released on Wednesday, the mining company encouraged shareholders to vote against the proposals, arguing they would be "value destructive" for the group and its shareholders. In a positive development for London markets, Rio Tinto dismissed investors' claims that its dual structure had led to a depreciation of around $50bn (£38.5bn) off its value as "unfounded and misleading." "The rationale for unifying dual-listed companies (DLC) structures at other companies (including BHP) does not apply to Rio Tinto for several reasons, including the location, growth outlook and tax profile of the group's assets, and the scale of the entity to be absorbed by the acquiring entity in any DLC unification," it stated. The miner further noted that it had already undertaken a "comprehensive review" of a unification, "the conclusions of which are clear."
Bridgend landscaping firm Inscapes plans to create 40 new jobs and drive revenues
2025-11-19 17:27:10
A Bridgend landscaping firm has designs on future expansion and creating 40 new jobs following new investment. To support its growth plans Inscapes, which recently acquired Cardiff-based Landcraft, has received a £100,000 investment from Tata Steel subsidiary UKSE. Over the next three years managing director, Gareth Rees, said the plan is to recruit a further 40 staff bringing its workforce to 120 and to see turnover rise from the current £9.5m to £15m. He added that the order book was strong, and the outlook encouraging. Recent high profile projects include relaying the lawn on Parliament Square at the Palace of Westminster. This posed many logistical challenges, not least of which was the Jubilee Line running just beneath the site close to the surface. Other work has included Plymouth Argyle Football Club, Bristol City Football Club, Eastleigh Football Club, Ffos Las Racecourse, Kew Gardens, Hampton Court Palace, The Celtic Manor and The Vale Resort. Inscapes was set up in 1998 as a sports and commercial landscaping company, and now also has bases at Virginia Water In Surrey, Tring in Hertfordshire and Shrewsbury. The company offers the latest in artificial surfaces, and has a maintenance, hire, arboriculture and irrigation division. Mr Rees said:“We have worked very hard to build long-lasting relationships with clients and I am extremely proud of what has been achieved. We are looking to work closely with the Landcraft team and their clients and move into new areas as the business continues to grow.” The UKSE investment is part of its Support Programme for Wales launched last year to help mitigate economic changes resulting from the transition to greener steelmaking at Port Talbot. Under the UKSE programme £3m has been invested in 81 Welsh businesses with potential to grow and create jobs, and an estimated 400 jobs have been created. Alan Jenkins, UKSE regional executive, said: “Inscapes has huge experience which gives it the ability to take on complex challenges, and has added to its capabilities by acquiring Landcraft.
10 questions for Jon Leighton of Land Digital
2025-11-09 15:21:29
Jon Leighton is the founder and director of Land Digital, a company that creates software solutions to help businesses work more efficiently, particularly in transport and mobility. His career includes having owned a pub, stared an online tour company in Rome and launching a SaaS business. In 2009, Mr Leighton founded iResources as a web development company, later expanding into software development. In 2017, a merger led to the creation of Land Digital, widening its services and customer base. What was your first job (and how much did it pay)? My first job was as a waiter at a local hotel, earning £2.38 an hour plus tips—and I loved it. I got to meet all sorts of people and really enjoyed the fast-paced culture (late nights and early mornings were much easier to handle at 17). What is the best advice or support you’ve been given in business? I’ve never been one to actively seek advice, but I’m always interested in the journeys people have taken and the lessons they’ve learned along the way. In terms of support, my first client – who stayed with us for over 12 years – probably acted more as a mentor than a client. They gave me invaluable guidance on all the ‘business stuff’ you don’t know when you’re just starting out and growing. What are the main changes you’ve seen in your business/sector, and what are the challenges you’re facing? AI is a major shift with huge potential across all sectors. The real challenge is understanding what that means for our industry while the technology itself continues to evolve at pace – but it’s a challenge everyone is facing. What would your dream job be? Running a VHS/DVD rental business with a ‘High Fidelity’ vibe – think a really cool Blockbuster, but with film showings throughout the day. Absolutely no viable business model, which is exactly why it’s a dream! What advice would you give to someone starting out a career in your sector? Go out there, meet lots of people, make plenty of mistakes – and learn from both to support your career growth. There’s so much opportunity out there, so it’s worth taking the time to explore what’s available to you. What makes the North East a good place to do business? The North East is a fantastic place to do business because of its strong sense of community, resilience, and talent. There’s a real spirit of collaboration here, with businesses supporting each other and a growing pool of skilled people driving innovation. It’s a region full of opportunity, with a great quality of life to match. How important is it for business to play a role in society? I t’s incredibly important for any business to be a positive influence – not just locally, but wherever it operates. Wherever you go, you should always aim to leave things better than you found them. Outside of work, what are you really good at? I am exceptionally good at getting lost – whether in a car, on a mountain walk, or while skiing. I’m definitely not the person to follow or trust with a map. If I’m leading the way, you can almost guarantee we’re heading in the wrong direction. Who would play you in a film about your life? My wife seems to think Bill Nighy might be a good option.
Booking.com labelled 'haven for scammers' due to 'serious' security flaws
2025-10-29 12:27:03
Consumer champion Which? has issued a warning that Booking.com's inadequate security measures are leaving it exposed to fraudsters. The platform's vulnerabilities include an easily compromised messaging system, failure to eliminate scam listings, and absence of identity verification for property owners, as reported by City AM. These findings come ahead of the Online Safety Act's illegal codes coming into force later this month, highlighting how Booking.com's lax security protocols make it a prime target for scammers looking to exploit travellers. Booking.com was the most frequented travel and tourism website worldwide in January 2025, as per Statista data. However, Which?'s investigation revealed significant flaws in its security methods. The company says it is "deeply committed" to protecting customers and that it blocks "the vast majority of fraudulent activity". The consumer watchdog managed to list a bogus holiday home on the site in less than 15 minutes, with no requirement for identity verification before the listing went live—unlike competitor platforms such as Airbnb. This lack of security checks has resulted in a surge of fraudulent listings on the platform. A search by Which? for the term 'scam' in Booking.com reviews from summer 2024 yielded hundreds of complaints from customers who had paid for non-existent accommodation. The consumer watchdog flagged 52 suspicious listings to Booking.com, which subsequently removed most of them. However, the company dismissed many complaints, attributing the issues to property owners failing to update their availability accurately when closed or temporarily shut down. However, when Which? conducted a follow-up investigation in November, it encountered the same persistent issue: 36 properties were still plagued by numerous negative reviews alleging scams. The consumer watchdog shared several distressing accounts from customers. One individual recounted how he arrived at a location that "looked like a dentist's surgery" instead of the expected holiday rental, only to meet two other disgruntled couples who had been duped by the same fake listing. It wasn't until Which?stepped in, two months later, that the holiday booking platform agreed to process his refund. Booking.com maintained that the customer hadn't fallen for a scam, arguing that the onus was on the property owner to provide a refund. Further investigation highlighted that the website's security measures were inadequate in stopping fraudsters from posting bogus listings or hijacking legitimate ones. The company stated that it limits new hosts from taking prepayments until they have secured bookings and positive feedback; however, scammers appear to have circumvented this safeguard. For instance, a Glasgow property with 36 one-star reviews, almost all branding it a scam and criticising the site for not offering refunds, remained listed until Which? requested its removal. In a move to bolster security, Booking.com has recently implemented two-factor authentication (2FA) for both hosts and guests to thwart unauthorised account access. A cyber security expert has raised the alarm over vulnerabilities in Booking.com's two-factor authentication (2FA), revealing to consumer watchdog Which? that his 2FA was not functioning correctly on his guest account. This flaw could potentially allow a hacker with access to his email to log in and read all messages without needing further verification. Which? has confirmed that Booking.com has yet to address this security lapse. The issue is compounded by another alarming practice: the use of external payment links sent through Booking.com's messaging system, which scammers exploit to evade security measures. Numerous individuals interviewed by Which? have reported receiving such deceptive messages, steering them off the platform—a favoured technique among fraudsters to sidestep security protocols. Booking.com now faces increased scrutiny as the Online Safety Act's illegal harms codes are set to take effect on March 17, compelling platforms like Booking.com to intensify efforts against fraud, including user-generated scams. Fraudulent property listings on travel sites will come under regulatory oversight due to the Act. Which? has proposed essential security enhancements for Booking.com to implement, such as compulsory identity verification and strict enforcement of 2FA, to safeguard its users from fraudulent activities. The watchdog is also calling on Ofcom, the regulator responsible for the Act, to act decisively. Rocio Concha, Director of policy and advocacy at Which? expressed concern: "It's really worrying that so many scams are slipping through the net. "Ofcom should take note of these findings as the codes come into force. If these issues persist, Ofcom must make use of its new powers and not hesitate to take action against Booking.com and other platforms failing to prevent fraudsters from scamming their customers", he added. In a statement reported on MailOnline, Booking.com said: 'We are deeply committed to protecting our customers against fraud and scams. Online fraud is unfortunately a battle many industries are facing, however thanks to the robust security measures we have in place and our continuous efforts to enhance them, we are able to detect and block the vast majority of fraudulent activity. 'We take the process of verifying accommodation listings seriously and have multiple controls and checks in place during sign-up, after submission and before listings become bookable. In the rare instance that a scammer finds a way to temporarily circumvent our controls, we seek to shut down the activity as quickly as possible and support any impacted customers quickly. In addition, we always recommend that customers read through our reviews and property rating scores before booking, to ensure they can see the views of others who have also stayed at the property.
Drax makes bid for battery energy investor HEIT, valuing it at £200m
2025-11-02 18:29:04
Power producer Drax has become the latest company to make a bid for battery storage investment firm Harmony Energy Income Trust (HEIT). The offer from Drax values HEIT at about £200m and is a 5% increase on a rival offer from Foresight that was tabled last week. In a joint update to shareholders on the London Stock Exchange, Drax said buying the investor would be complementary to its FlexGen portfolio, allowing it to capture the spread between overnight electricity prices and peaks as well as benefit from market volatility and add rapid and short duration capability. The acquisition would be made by a subsidiary company called Drax Bidco, with about 19.6% of HEIT's shareholder base having already indicated their support for the deal and entered into irrevocable undertakings to vote in favour of it at an upcoming general meeting. HEIT Directors will recommend that shareholders back the scheme. Norman Crighton, non-executive chair of HEIT, said: "Since its launch in November 2021, HEIT has assembled a fully operational portfolio of eight, two-hour BESS projects totalling 790.8 MWh/395.4 MV, which have attracted a strong level of interest through both our recent asset sale process and now through a potential bid from Foresight and the recommended offer by Drax. "The HEIT board believes that value to HEIT shareholders will be maximised through the terms of the acquisition. Further, the HEIT board believes that the acquisition will provide HEIT shareholders with the opportunity to realise the value of their holdings, in cash, at an attractive value which is in excess of the reasonable medium-term prospects for HEIT on a standalone basis as a listed company." Will Gardiner, chief executive officer of Drax Group plc, said: "The acquisition is a significant investment in growing our FlexGen portfolio, supporting UK energy security and delivering a clean power system. The Drax directors believe that adding battery storage to our FlexGen portfolio enables us to provide even more secure power to the country when it is needed. "In combination with our long duration storage, flexible generation, demand side response capabilities and renewable generation from biomass, we will be able to supply 4.5GW of dispatchable generation to meet demand. As more intermittent renewable energy connects to the country's network, more dispatchable and reliable generation will be required to help keep the lights on when the wind isn't blowing or the sun isn't shining.
BBC, ITV, BT Sport and Sky among broadcasters fined for breaking the law
2025-11-05 16:29:11
The UK's prominent sports broadcasters have incurred fines totalling over £4m for engaging in illegal collusion to fix the pay rates of freelancers. Heavy-hitters such as BT, IMG, ITV and the BBC have all conceded to unlawfully exchanging confidential payment information and specifics aimed at suppressing production staff salaries, as reported by City AM. Sky managed to dodge a financial blow by proactively disclosing its role prior to the probe initiated by the Competition and Markets Authority (CMA). According to the CMA, from 2014 to 2021, these major media entities participated in at least 15 instances of illicit information swapping to deliberately keep freelancer pay low, thus stifling service competition. Internal communications within each company exposed direct conversations about preventing bidding wars and coordinating rates. With regards to penalties, both IMG and BT have been meted out fines of around £1.74m each, whereas the BBC and ITV are facing fines of £339,918 and £424,165, respectively. Skirting any sanctions under the CMA's leniency policy, Sky was exempt due to its early disclosure. Companies coming forward to the CMA were afforded reduced fines in exchange for their collaboration with the agency. Juliette Enser, CMA's Executive Director for Competition Enforcement, emphasized that businesses should independently decide on remunerations to promote equitable pay. She remarked: "Millions watch sports on TV each day, with production teams working behind the scenes to make this possible – and it is only right they are paid fairly. "Labour markets are important for economic growth as a whole. Good recruitment and employment practices help people access the right jobs where they're paid appropriately and make it easier for businesses to expand and find the workers they need." "Companies should set rates independently of each other so pay is competitive – not doing so could leave workers out of pocket. Employers must ensure those who hire staff know the rules and stick to them to prevent this happening in the future." The decision is anticipated to result in greater transparency regarding payment practices in the sector. Additionally, the CMA has concluded a separate probe into the broader TV production market, which included ITV, the BBC, and various independent producers. Although no penalties have been imposed at this stage, the regulatory body has cautioned firms to adhere strictly to competition laws.
Bolt warns Chancellor it has shelved £200m of investment over Uber VAT ruling
2025-11-16 04:31:37
Ride-hailing service Bolt has issued a dire caution to Rachel Reeves regarding the government's lack of action on a threatened 20 per cent VAT rise for taxi operators. Understandably, City AM has learned that the mobility company has alerted the Chancellor in writing that it has been withholding £200m of UK investment over the past three years due to ministerial indecision around the so-called "taxi tax," as reported by City AM. Cab, minicab and private hire businesses have faced uncertainty in recent times concerning the potential imposition of an added 20 per cent VAT charge on journeys. This proposed increase arises from legal decisions which determined that taxi companies, rather than individual drivers, are accountable for establishing contracts with customers. Detractors of the hike have cautioned that it could lead to inflated travel costs for consumers and reduced income for drivers. Meanwhile, Uber is advocating for "consistency" across the industry. The San Francisco-based ride-hailing leader had to up its prices after another court decision deemed its London operations could attract VAT. Uber is awaiting a new judgment on contracting practices at a Supreme Court hearing set for July, a verdict which could determine whether VAT will affect private-hire services beyond the capital. Bolt's correspondence also reportedly highlights that, aside from investment concerns, the forthcoming Uber decision may render private hire services less affordable and harder to access. Despite the Treasury initiating discussions on this issue last summer, there's a belief within Bolt that the matter has since been neglected, without finding a solution. Bolt has criticised the current system as a "postcode lottery," with VAT being inconsistently applied based on business models and location. Emily Dalton, Bolt's head of UK operations, commented: "The continued uncertainty over VAT on private hire journeys is harming the UK's economic growth – holding back vital investment and innovation in the UK." She further warned: "The private hire industry is a key part of the UK's transport network, relied upon by millions of people every week. If the Government presses ahead with this 'taxi tax', it will drive up fares, reduce transport options, and hurt those who depend on these services the most."