Avian flu detected in Yorkshire sheep prompts biosecurity warning

April Lara
-
0
Avian flu detected in Yorkshire sheep prompts biosecurity warning

Farmers are being urged to strengthen biosecurity measures after a case of avian influenza (H5N1) was confirmed in a sheep in Yorkshire—the first reported instance of the virus in the species.

UK Chief Veterinary Officer Christine Middlemiss has stated that while the risk to livestock remains low, all farm owners should implement strict cleanliness protocols and report any suspected cases to the Animal and Plant Health Agency (APHA). Similar cases of avian-origin influenza have previously been identified in dairy cows in the US.

Nigel Bennet, livestock area manager for Northern Europe at Roam Technology, stressed the importance of preventive measures, including restricting visitor access, disinfecting equipment, and closely monitoring animal health. He advised farmers to quarantine new or returning livestock for at least 21 days, secure feed storage, and conduct daily health checks to prevent disease spread.

Avian influenza is a notifiable disease in poultry, captive birds, and certain mammals. Farmers suspecting infections must report cases to APHA in England (03000 200 301), Wales (0300 303 8268), or their local Field Services Office in Scotland.

Anglian Water expands emergency water supply capacity in East of England

April Lara
-
0
Anglian Water expands emergency water supply capacity in East of England

Anglian Water has signed a new three-year agreement with emergency water supplier Water Direct to enhance rapid-response water deliveries across the East of England. The deal ensures up to 20,000 emergency water deliveries per year for households on Anglian Water’s Priority Services Register (PSR), which supports vulnerable customers during supply disruptions.

The partnership, which dates back to 2008, increases Anglian Water’s reserves in Water Direct’s Nationwide Bottled Water Bank (NWBW) for faster emergency response. Water Direct has committed to delivering water to at least 2,000 households within 24 hours when required.

The agreement aligns with regulatory changes expected to expand the number of customers eligible for PSR support by up to 40%. By outsourcing emergency deliveries, Anglian Water can reallocate internal resources to focus on resolving supply issues, improving operational efficiency.

Water Direct is also developing a technology platform to enhance real-time tracking, customer data verification, and delivery management, ensuring more efficient and transparent emergency water distribution.

Skegness hotel sold

Tess Egginton
-
0
Skegness hotel sold
The Queens Hotel in Skegness has been sold to Sodhi Managements Ltd.
The family-run hotel has been owned and operated by Ran and Yuan since 2020, who said: “We are happy to pass the hotel to Sodhi Managements Ltd. “Skegness is England’s fourth most popular holiday destination, with over 1.4 million visitors each year, attracted to its sandy beach and seafront attractions including Nature land Seal Sanctuary, museum, aquarium and more. “There’s also the town’s annual carnival, arts festival and other activities, attracting people from all over the country. We wish Sodhi Managements Ltd every success in the future.” Matt Hill, Senior Business Agent at Christie & Co, who managed the sale process, said: “The Queens Hotel has been a very popular hotel opportunity, and demonstrates the strong demand we are currently seeing in the market for well-positioned and well-maintained businesses in tourist locations.” The hotel was sold off an asking price of £450,000.

Yorkshire Dales local plan enters final consultation

April Lara
-
0
Yorkshire Dales local plan enters final consultation

The Yorkshire Dales National Park Authority has opened a final consultation on its local plan, which will guide development in the national park until 2040. The consultation focuses on whether the plan is “sound” and allows for public feedback on potential changes.

The plan outlines policies for housing, business development, and rural enterprise, with a target of 50 new homes per year. A key policy introduces a principal occupancy condition to prevent new homes from becoming second homes or holiday lets. The plan also includes measures for nature recovery and climate resilience.

Following the consultation, an independent inspector will review the plan. If approved, it is expected to be adopted in early 2026.

Revenue and profit rise at Wakefield games developer

Tess Egginton
-
0
Revenue and profit rise at Wakefield games developer

Games developer everplay, recently rebranded from Team17, has shown a rise in revenue and profits in unaudited final results for the year ended 31 December 2024.

Revenue at the Wakefield-based firm grew to £166.6m, up from £159.1m in 2023. Meanwhile, the business posted a pre-tax profit of £25.3m, recovering from a loss of £1.1m in the prior year.

Steve Bell, Group Chief Executive Officer of everplay, said: “I am extremely pleased with the Group’s performance during 2024, a clear return to the quality business for which we have been known.

“As we begin our first year under the new name of everplay, I am excited about the incredible slate of games we have lined up for 2025, and some important innovations in our business model. Allied with stringent cost controls, we are confident that these will deliver results our shareholders expect.”

The business has hailed a good start to 2025, supported by momentum from festive season promotions, with everplay “confident” that it can deliver an improved trading performance in 2025, marginally ahead of current market expectations.

£93m refinancing package enables management buy-out at evo

Tess Egginton
-
0
£93m refinancing package enables management buy-out at evo
Andrew Gale, CEO of the business supplies distributor evo, has lead a management buy-out, enabled by a refinancing package through the business’s existing lending syndicate of Leumi ABL (Leumi) and Close Invoice Finance Limited (Close Brothers). The deal facilitates a successful exit for funds managed by Endless LLP, evo’s long-standing PE shareholder. Headquartered in Normanton, the evo group has grown significantly under Endless’s ownership and is now made up of six different brands, generating in excess of £500m of sales and employing 2,000 people. It provides sourcing, storage, specialist and value-added fulfilment services to resellers, consumers, large public sector bodies and corporate organisations and offers the full range of business-critical supplies from everyday essentials, facility supplies, paper, furniture and technology. Andrew will continue as Chief Executive supported by Jon Maxted, evo CFO, and the evo Trading Board and team. With evo continuing its journey with both Leumi and Close Brothers, the refinancing marks evo’s third deal with Leumi and second with Close Brothers. The facilities provided are an £80m invoice finance facility and £13m in term loans. Commenting on the MBO and refinancing, Andrew Gale, evo CEO, said: “From Day 1 as Chief Executive the goal was to materially transform the trading results of evo and to enable an exit for Endless. Over the last two years as CEO, EBITDA has doubled with record EBTIDA results delivered in both FY24 and FY25, which has now enabled an exit for Endless to be delivered. “Endless have been a fantastic investor in evo over the past 16 years and together we have navigated this period with the support of some high-quality individuals. One constant has been the steady and resolute support of Garry Wilson, Endless Group Managing Partner. We thank Garry for his counsel over the years and the skill and expertise of the Endless team. “Peter Yendell, Andy Ross, Mathew Deering, James Woolley all deserve a mention. In the last couple of years, the results have improved under the watch of David Isaacs, Endless Director, who deserves great credit for both challenging and supporting me. With a 16-year Endless training course behind me, I’m now much better equipped to lead evo – so thank you. “The evo business has made major strides over the last couple of years and we are excited about the opportunities in front of us. This refinancing and transaction unlock the opportunity for evo to take on fresh investment to support our ambitions in terms of product and geographical expansion, all within a balanced multi-sales channel model.” David Isaacs, Endless Director, said: “It has been a pleasure working with evo in recent years and to see the business go from strength to strength. There have been improvements in all areas of the business with record EBITDA being delivered, the product offering constantly evolving and an extension of its route to markets. “In addition, we have supported evo with several successful acquisitions over the years, which in culmination have embedded evo as a recognised market leader and positioned the business well for its next phase of growth. “Under Andrew’s excellent stewardship, we strongly believe that the business will continue on its positive trajectory and create wider opportunities for growth and investment. We wish the whole management team all the best for the future.” John Walsh, Regional Sales Director (Leeds and North-East), Leumi, said: “We are very pleased to be continuing to work with Andrew and the evo team. “We have a shared ‘no nonsense’ approach to business and we are pleased to be able to Lead the Club funding to enable the MBO to take place and we are looking forward to working with the evo business and Close Brothers in the years to come. Our ability to provide a flexible range of ABL facilities was key to enabling this transaction to be completed.” Andrew Metcalfe, Head of Corporate Sales, Close Brothers, said: “We are delighted to support Andrew and the evo team with the transaction. “The new facilities provided will support the MBO and provide the liquidity for the continued growth trajectory of the business. We look forward to a long-term partnership with the management team and our lending partner Leumi ABL.” Endless were advised by Walker Morris LLP. Leumi and Close were advised by DLA. Andrew Gale was advised by Peter Considine, Finance Eagle Limited and BDO.

Arla in talks over Settle creamery closure

April Lara
-
0
Arla in talks over Settle creamery closure

Arla Foods has discussed with local stakeholders the proposed closure of its Settle creamery in North Yorkshire. The meeting, hosted by Skipton MP Sir Julian Smith, included representatives from the GMB Union, North Yorkshire Council, and local councillors.

Discussions focused on potential land options for Arla’s operations, employee support, and alternative business strategies. Arla is currently consulting with affected employees and engaging with the GMB Union and local authorities.

Further meetings are planned as stakeholders assess all possible options for the site and impacted workers.

Lawyers take on ‘World’s Toughest Row’ to raise £150,000 for Yorkshire charities

Tess Egginton
-
0
Lawyers take on ‘World’s Toughest Row’ to raise £150,000 for Yorkshire charities
A pair of Yorkshire lawyers taking on the ‘World’s Toughest Row’ across the Atlantic gathered with sponsors and their supported charities at Alwoodley Golf Club, to toast the duo’s progress as they head towards their £150,000 fundraising target. David Knaggs and Richard Larking, who will set off to row their seven-metre boat ‘Brizo’ across the Atlantic from La Gomera in the Canary Islands to Antigua in December this year as Team GREENS2BLUE, have already received sponsorship topping £50,000. The duo hatched the plan to take part in the race while golfing together at the Alwoodley Golf Club and are raising funds for charities Maggie’s, which supports people with cancer, their families and friends, and Friends of Alfie Martin, which raises funds for neonatal equipment at the Leeds teaching hospitals. Aged 60 and 59 when the race kicks off, the pair will be two of the oldest participants in a gruelling transatlantic voyage that will see them celebrate Christmas and New Year thousands of miles from their families, facing 40ft waves and hazards including shipping traffic, whales and potential marlin strikes. David said: “It feels great to mark the progress we’ve made towards our fundraising target with the help of our supporters. With a charity ball and golf day still to come in the summer, we’re confident that we can make it all the way by the time we head to the race start in December. “We’re both training really hard as the day draws ever closer and the challenge of more than possibly fifty days at sea becomes more and more real, so this gathering is a little light relief from our diet and exercise regimes.” “The support we’ve had from businesses, friends and well-wishers at the golf club where we first had the idea to take on this challenge has been fantastic, and we’re grateful for everything people are doing to help us towards our target,” added Richard. The pair have secured sponsorship from regional and local businesses since they announced their participation in the race last year. In addition to headline sponsor, independent business rescue and recovery specialist Begbies Traynor, they now have 12 other corporate supporters including Ginetta; Happy Drains; Optivet Referrals; Cellular Pathology Services; Macintosh James & Partners Wealth Management; El Gato Negro Tapas; Middleton Law; Richard Fahey Racing; Springfield Healthcare, Waterer’s Services Limited; Walker Morris and SBFM Ltd. As well as sponsorship, the two charities will benefit from the proceeds of fundraising events including a golf day at Alwoodley Golf Club on 29 May and a black-tie Midsummer Night ball at the Pavilions of Harrogate on 21 June. Julian Pitts, regional managing partner for Begbies Traynor’s 10 offices across Yorkshire, Humberside and the North East, adds: “It’s remarkable to see the progress that Richard and David are making towards their targets, and the physical and mental preparation they are undertaking to make sure they are properly equipped for the weeks of isolation and exertion they have ahead of them once they depart from the Canary Islands in December. “To have already received the sponsorship and donations that they have towards their ambitious fundraising target is a great achievement and hopefully more sponsors and supporters will join the effort in the run up to the race start.” Further opportunities to support the pair in their fundraising, including details of the fundraising events, can be found on www.greens2blue.co.uk

Investec backs student housing portfolio with £86.5m refinancing

April Lara
-
0
Investec backs student housing portfolio with £86.5m refinancing

Investec Bank has provided an £86.5 million refinancing loan for a five-property purpose-built student accommodation (PBSA) portfolio across London, Nottingham, Newcastle, Sheffield, and Lincoln. The assets, managed by Global Student Accommodation’s (GSA) operating partner Yugo, include 1,460 student beds.

The refinancing includes upgrades to two properties, enhancing bedrooms and communal spaces. This marks the second deal between Investec and GSA, with the bank having financed over £1.15 billion in PBSA projects since 2011, supporting more than 22,000 student beds across 62 developments in 26 UK cities.

Despite economic challenges, Investec continues to prioritise PBSA, citing strong demand and the sector’s resilience. The deal aligns with the bank’s strategy to expand its lending portfolio through larger financing agreements.

Inflation sees February fall

Tess Egginton
-
0
Inflation sees February fall
UK inflation dropped in February, according to new figures from the Office for National Statistics (ONS). Measured by the Consumer Prices Index (CPI), inflation came in at 2.8% in the 12 months to February 2025, down from 3% reported in January, and below forecasts of 2.9%. The largest downward contribution to the change came from clothing. Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, stood at 3.5% in the 12 months to February, down from 3.7% in January. Martin Sartorius, Principal Economist, CBI, said: “Inflation remained firm in February, broadly in line with the Bank of England’s expectations. Looking ahead, price pressures are set to rise again in April, driven by higher energy costs, regulated price increases, and the passthrough of Autumn Budget measures. “We continue to expect that the Monetary Policy Committee will cut interest rates at a quarterly pace over 2025, in line with its ‘gradual and careful’ forward guidance. This should help ease the strain of high borrowing costs on businesses and households.”

Retailers boost wages as competition for workers intensifies

April Lara
-
0
Retailers boost wages as competition for workers intensifies

Major UK retailers have increased pay rates in 2025 to attract and retain staff amid rising living costs. Aldi, Lidl, Tesco, and John Lewis offer higher wages for store employees.

Aldi raised its minimum hourly rate to £12.75 nationally and £14.05 within the M25 in March, with further increases to £12.85 and £14.16 set for September. Lidl matched Aldi’s £12.75 national rate and pays £14.00 within the M25, with longer-serving staff earning up to £13.65 nationally and £14.35 in London.

Tesco has invested £180 million in wage increases, setting hourly pay at £12.45 to £12.64 nationally and up to £13.85 in London. John Lewis and Waitrose opted to reinvest £114 million into employee wages instead of offering partner bonuses, setting new shop floor rates at £12.40 nationally and £13.85 in London.

Other retailers making notable pay increases include B&Q (£12.71 nationally, £14.05 in London), Sainsbury’s (£12.45–£12.60 nationally, £13.70–£13.85 in London), and Marks & Spencer (£12.60 nationally, £13.85 in London).

The pay hikes reflect ongoing competition in the retail sector to offer competitive wages and retain workers in a tight labour market.

CityFibre expands UK footprint with Connexin acquisition

April Lara
-
0
CityFibre expands UK footprint with Connexin acquisition

CityFibre has acquired Connexin’s full-fibre infrastructure, expanding its presence in Hull and East Riding and adding up to 185,000 premises to its network. The financial details of the deal have not been disclosed.

The acquisition includes Connexin’s existing network, which covers more than 80,000 premises, with plans for an additional 20,000. CityFibre will also take over Connexin’s Project Gigabit contract, delivering gigabit-capable broadband to over 34,000 hard-to-reach premises in Nottinghamshire and West Lincolnshire.

Connexin’s XGS-PON network will be integrated into CityFibre’s wholesale services, with full integration expected later this year. This move aligns with CityFibre’s broader strategy to reach at least eight million premises across the UK.

This acquisition follows CityFibre’s purchase of Lit Fibre in May 2024 and previous deals, including FibreNation from TalkTalk in 2020 and national network assets from KCOM and Redcentric.

Founded in 2011, CityFibre is a fibre-only provider competing with Openreach and Virgin Media O2. The company sees market consolidation as essential for the UK’s fibre rollout.

AI investment key to UK’s economic recovery, says Bank of England chief

April Lara
-
0
AI investment key to UK’s economic recovery, says Bank of England chief

Bank of England Governor Andrew Bailey has identified artificial intelligence as a potential driver of long-term economic growth, comparing its impact to past technological shifts like electricity. Speaking at the University of Leicester, Bailey suggested AI could improve national income and help reverse the UK’s sluggish productivity growth.

Between 2010 and 2019, UK productivity increased by just 0.3% annually, far below the pre-2008 financial crisis average of 2%. This has strained public finances, with expected government spending cuts adding further pressure. Bailey emphasised that maximising AI’s benefits will require investment in workforce skills and infrastructure.

His comments come as businesses watch for signals on interest rate policy. The Bank of England has held rates at a 16-year high of 5.25%, despite inflation falling from 11.1% in October 2022 to 3.4% in February 2025. Lower borrowing costs could provide short-term economic relief, but the Bank remains cautious about premature rate cuts.

AI adoption is expected to reshape industries by automating tasks, improving efficiency, and cutting costs. A 2023 PwC report estimates AI could contribute up to £232bn to the UK economy by 2030, boosting GDP by 10.3%. However, concerns remain over its impact on employment and wage distribution.

Yorkshire mid-market businesses remain confident despite rising costs

April Lara
-
0
Yorkshire mid-market businesses remain confident despite rising costs

Mid-sized businesses in Yorkshire are showing increased confidence despite rising employment costs, according to Grant Thornton UK LLP’s latest Business Outlook Tracker.

The survey found that 75% of mid-market firms in the region plan to pass higher employment costs onto customers, up from 71% in December. Many businesses also adjust compensation strategies, including limiting pay rises, reducing bonuses, and reviewing employee benefits.

Despite these cost pressures, 83% of Yorkshire’s mid-sized firms are optimistic about their funding position for the next six months, up from 79% at the end of 2024. This contrasts with large UK corporates, which have reported declining confidence in revenue growth, funding, and overall economic outlook.

Grant Thornton’s Yorkshire and North East Partner, Dan Dickinson, attributes this resilience to the region’s diverse economic landscape and adaptability. He notes that local firms make strategic decisions to sustain growth and remain competitive, positioning them well for future challenges.

Kirklees Council appoints development partner for new housing development

Tess Egginton
-
0
Kirklees Council appoints development partner for new housing development
Kirklees Council has appointed a development partner to purchase, design, and deliver a new housing development in Almondbury. The Fenay Lane site was identified as part of the council’s housing growth strategy and has undergone a competitive land sale process. Vistry Group has now been confirmed as the development partner to build around 150 new market and affordable homes. Once constructed, the affordable housing will be owned and managed by Yorkshire Housing. Councillor Graham Turner, Cabinet Member for Finance and Regeneration, said: “When selecting a development partner, we always work on the basis that they should share our values and have the best interests of local people and communities at heart. From their bid, we can be confident that Vistry will bring a quality development to Almondbury, delivering the right mix of housing to meet the needs of our residents. “By partnering with trusted developers, we can work towards achieving our housing needs without ongoing financial input from us as a council. We are currently in the process of updating our Local Plan and Housing Growth Strategy, but it is clear that to address the local and national housing shortage, we will need to increase the number of houses built in Kirklees while also meeting our climate goals.” Andrew Poyner, Managing Director of Vistry West Yorkshire, said: “We’re excited to have been selected by Kirklees Council and share its vision for the Fenay Lane site. Our purpose as a responsible developer is to work in partnership to deliver sustainable homes, communities and social value, leaving a lasting legacy of places people love.” Vistry will begin to undertake design work on the scheme and are expected to submit a planning application during winter 25/26. It is hoped construction will start on site in late summer 2026.

North Leeds pharmacy secures new owners

Tess Egginton
-
0
North Leeds pharmacy secures new owners
Specialist business property adviser, Christie & Co, has sold Adel Pharmacy in Leeds. Adel Pharmacy is a well-established, standard-hours community pharmacy that dispenses an average of 4,039 items per month. It sits within the Adel Health Hub in the North Leeds suburb of Adel, and is neighboured by a number of private ancillary health providers including a private GP, physiotherapist and an aesthetics clinic. The pharmacy was previously owned by M&B Healthcare Ltd, which has a portfolio of nine other pharmacies in the north west of England. The group decided to sell this branch as part of a strategic review of its portfolio. Following a confidential sales process with Tom Young at Christie & Co, and with funding sourced through Alena Ray at Christie Finance, it has been sold to northern-based, SAAAI Pharma Ltd, which is owned by five pharmacists led by Shahbaz Mirza and Abbas Fazal. The new owners plan to build on the success that M&B Healthcare Ltd built at the pharmacy and introduce new, additional private services.
Peter Burrows, owner at M&B Healthcare Ltd, said: “When we had a strategic review of our group, we saw Adel as an ideal site to dispose of, due to it sitting outside of the geography of our other branches which are based in the northwest. “Naturally, we called Christie & Co and, whilst there was plenty of interest in the site, it was pleasing to do the deal with Shahbaz who is an operator based in Leeds. We wish him all the very best with the business in the future.” Shahbaz Mirza, co-owner of SAAAI Pharma Ltd, said: “We decided to purchase this pharmacy due to its convenient location close to home, which not only supports ease of management but also aligns with our desire to serve the local community. “Another key factor in our choice was the limited competition in the area, presenting a unique opportunity to strengthen our foothold in the market. We plan to build upon the solid foundation laid by M&B Healthcare, whose efforts have already established the pharmacy as a trusted presence in the community.” Tom Young, Senior Business Agent – Pharmacy at Christie & Co, said: “Using our market insights to provide accurate marketing recommendations for the pharmacy ensured a competitive bidding process to leverage the best price for our clients at M&B Healthcare Ltd. “When we went to market, we received multiple offers, from first-time buyers to existing operators, all in just two weeks from the initial marketing phase. We are pleased to have sold this to a local operator who can offer a hands-on approach, and we wish them all the best for the future.” Adel Pharmacy was sold for an undisclosed price.

UK government commits £600m to boost construction workforce

April Lara
-
0
UK government commits £600m to boost construction workforce

The UK government has announced a £600 million investment to address the construction skills shortage and support workforce development. The funding aims to train up to 60,000 new construction workers by 2029 to meet demand for homebuilding and infrastructure projects.

The initiative includes £100 million to establish 10 new Technical Excellence Colleges and £165 million to expand college construction training. Employers will receive £2,000 for each Foundation Apprentice they take, and £100 million will be allocated to Skills Bootcamps and partnerships between colleges and construction firms. An additional £132 million will fund 40,000 annual industry placements, with £32 million contributed by the Construction Industry Training Board (CITB).

The announcement follows the new Office for National Statistics data, which shows more than 35,000 unfilled construction jobs, with employers struggling to find workers with the necessary skills. The funding is part of the government’s plan to build 1.5 million homes and improve transport and energy infrastructure.

A new Construction Skills Mission Board, co-chaired by government and industry leaders, will oversee implementation. The programme also encourages experienced workers to help train new entrants, ensuring a steady pipeline of skilled labour.

This investment follows recent apprenticeship reforms designed to increase workforce participation and retention. Industry leaders have welcomed the funding, calling it necessary to secure the sector’s future.

CPP Group cuts losses in “pivotal” year

Tess Egginton
-
0
CPP Group cuts losses in “pivotal” year
CPP Group, a Leeds-based provider of real-time, digitally delivered assistance products, has cut its losses in a “pivotal” year. According to full year results for the 12 months ended 31 December 2024, pre-tax losses from continuing operations stood at £2.7m, improving from £5.7m in 2023. Meanwhile, group revenue from continuing operations was £156.4m, decreasing from £173.4m in 2023. Simon Pyper, CEO of CPP Group, said: “The past year has been pivotal for the Group, as we completed our Change Management Programme, exited from non-core businesses, and continued our investment in and development of Blink. We ended the year as the business we set out to be in October 2022 – a digitally focused business led by Blink and supported by CPP India and CPP Turkey. “We have also pursued initiatives to enhance our offering, strengthen our business partnerships and streamline our operations. While not all of our actions will deliver immediate results, all are designed to increase long-term shareholder value, be it growth in Blink, new products in CPP Turkey, or renewed contractual arrangements between CPP India and its largest business partner Bajaj Finance Limited. “With Blink having increased its ARR by 62% to £1.6 million and added 11 new clients in 2024, we remain confident, with some further investment, the business will continue to make strong progress. “We remain focused on converting Blink’s exciting pipeline into commercial contracts, extending contracts with existing partners into additional geographies, and with our Insurance Partners, finding additional audiences, such as banks, airlines and credit card providers for our Travel Disruption and Cyber Solution services.”

North Yorkshire renewable energy company, Drax sets sights on new acquisition

Tess Egginton
-
0
North Yorkshire renewable energy company, Drax sets sights on new acquisition

North Yorkshire-based renewable energy company, Drax has put forward an offer to acquire Harmony Energy Income Trust (HEIT).

Under the terms of the £199.9m deal, HEIT shareholders would receive 88 pence per share.

HEIT, a publicly listed investment trust set up to acquire ready-to-build battery energy storage system (BESS) assets, represents an opportunity to add operating BESS assets to the Drax Group’s FlexGen portfolio.

Norman Crighton, the Non-Executive Chair of HEIT, said: “Since its launch in November 2021, HEIT has assembled a fully operational portfolio of eight 2-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.

“We are working to create value and growth in the short, medium and long-term, aligned to the UK’s energy needs, and which the Drax Directors believe is underpinned by strong cash generation, a disciplined approach to capital allocation and attractive returns for shareholders.”

Revenue on the rise at Abingdon Health

Tess Egginton
-
0
Revenue on the rise at Abingdon Health

Revenue is on the rise at Abingdon Health, a York-based developer, manufacturer and distributor of rapid tests, after a positive start to the firm’s new financial year, which included the acquisition of CS Lifesciences.

Revenue reached £3.1m, according to unaudited interim results for the six months ended 31 December 2024 (H1 2025), increasing from £2.4m in the same period of the prior year. Pre-tax losses, meanwhile, expanded to £2.6m from £1.2m.

The period saw the opening of the Abingdon Analytical laboratory in Doncaster and a US CDMO service site in Madison, Wisconsin, which is due to be fully operational by April 2025. The company noted that a stronger revenue performance is expected in the second half of its financial year, due to the impact of a number of new contracts, a full period contribution from CS Lifesciences, and the typical “seasonality” of the business.

Chris Hand, Executive Chairman at Abingdon Health, said: “FY 2025 has started very positively for Abingdon as we continued our momentum in executing key strategic milestones such as the acquisition of CS Lifesciences, the opening of Abingdon Analytical in Doncaster, and the commencement of work on our new US site in Madison which is set to be completed in April.

“Following some temporary headwinds during H1 2025, we were pleased to see growing contract momentum towards the end of the period and into H2, including a $2m contract developing sexually transmitted disease tests. Importantly, that contract utilises each limb of our business, highlighting our ability to provide an integrated, end-to-end solution for our global customer base.

“We believe we now have the foundations in place to build a sustainably profitable company. We are continuing to progress towards achieving our key goal of cashflow breakeven, which we expect to reach during calendar year 2026, without the need for further funding.”

1...121314...466Page 13 of 466