Leeds wealth management and stockbroking firm Redmayne Bentley has confirmed that, subject to final regulatory and court approval, it is acquiring the private client business of Blankstone Sington Limited. Leonard Curtis was appointed as the special administrator for the Liverpool-based wealth manager and stockbroker Blankstone Sington Limited on Friday 13 October, securing all clients’ assets and safeguarding the company’s systems. Leonard Curtis have deemed the most favourable solution for Blankstone Sington clients is for a transfer of their money and assets to a single broker which is also regulated by the FCA. Having undertaken a thorough process with a number of parties, Redmayne Bentley was selected as the preferred candidate. The transfer will enable clients to be reunited with their assets and provides them with a secure home for the long term at one of the largest independent private client wealth management and stockbroking firms in the UK. Stuart Davis, Chief Executive, Redmayne Bentley, said: “We are delighted Leonard Curtis selected Redmayne Bentley. Being a privately owned business of 150 years standing, we look forward to providing these clients with some stability and certainty going forward. Our service proposition, and the high levels of client service that we have always strived to deliver, provide a natural fit for Blankstone Sington clients. “We are entering the final stages of regulatory and legal approvals but have passed key milestones such as signing of the Sale and Purchase Agreement and submitting Migration Plans to the regulator. We continue to work with other external parties to ensure a smooth transition for clients. “We are excited to be able to provide these clients with our personal investment management, financial planning and traditional stockbroking services, as we continue to grow and invest in the business for our long-term future.” Redmayne Bentley has previously successfully onboarded large scale transfers of clients from other firms including Havelock Hunter, Fyshe Horton Finney, and SP Angel.

FSB has written to Ofgem’s Chief Executive Jonathan Brearley to draw his attention to the issue, and to recognise the “specific, negative impact standing charges are having on small firms,” the letter says. FSB’s correspondence follows on from a letter to Ofgem regarding standing charges from the Energy Secretary, Claire Coutinho MP, and the Minister for Affordability and Skills, Amanda Solloway MP, sent at the end of March, which highlighted that the Ministers wish to “ensure that bills are fair and affordable for all consumers.” The points raised by the Ministers’ letter about potential harms to energy customers apply to small businesses as well as households. FSB is asking Ofgem to investigate the impact of high standing charges for small business customers, with the issue made more pressing by the economic challenges small firms are facing at the moment. One small firm whose owner got in touch with FSB reported an increase in the business’s daily standing charge from 70.94p per day in July 2021 to 969.64p per day in September 2023 – over 13 times higher. Small businesses based in rural areas have been disproportionately affected by standing charge increases, which exacerbates the existing rural-urban divide and “[undermines] efforts to level up more remote parts of the UK,” FSB’s letter says. Standing charges are used to fund network infrastructure, operating costs, and policy costs for schemes such as the Warm Home Discount, but this can be difficult for small firms to comprehend. Business customers are not covered by the energy price cap for consumers and many small firms suspect that their costs have been hiked as a result. The Ministers’ letter makes the point that “the growing number of energy users striving to consume energy more efficiently and help towards achieving net zero see standing charges as a disincentive to doing so.” This is highly pertinent to small businesses, the majority of whom are keen to play their part in reducing carbon emissions, and underlines the need for greater transparency around what standing charges are actually used to fund. Ofgem has asked for views on standing charges via a Call for Input, to which FSB has responded. The cost of utilities continues to be cited as a major driver of increased costs for small businesses, with three in five small businesses (62.5%) reporting this in FSB’s Small Business Index for Q4 2023. FSB’s Policy Chair, Tina McKenzie, said: “We want Ofgem to do a thorough review of standing charges for businesses as well as consumers, for better transparency and to discern whether energy companies are behaving fairly towards their small firm clients. “Small business energy customers behave in a way more akin to consumers than big businesses, lacking the resources, the expertise and the buying power necessary to get the best possible deal out of their energy suppliers. However, they do not benefit from anything like the same level of protection as that rightly available to households, leaving them caught between two stools. “Many small businesses could be forgiven for suspecting that they have been seen as something of a soft target for price hikes in their standing charges, and they do not have a full picture of where the money they pay on a daily basis is going – something that needs to change. “Small firms were put through the wringer by the energy price crisis, which sadly spelled the end for many otherwise viable businesses who saw their utility bills become completely unmanageable. “The price increases which led to the crisis have thankfully eased off to an extent, but many thousands of small firms are now stuck on tariffs which are far higher than before, which is a leading driver of cost increases. “While it’s possible for most firms to cut their energy use – something which many did in response to spiralling bills – the standing charge must be paid day in, day out, so ensuring that small firms aren’t being fleeced is absolutely vital. “We’re very keen to hear what Ofgem’s next steps in this area will be, to ensure that small firms pay standing charges that are fair and transparent, no matter where they’re based.”

New provisional figures show that the tax collected by HMRC in 23-24 reached £827.7bn, almost 5% higher than the previous year. The combined effects of inflation and fiscal drag contributed to income tax, CGT and national insurance contributions rising by £23.7bn during the year to a total of £466.5bn, a 5.4% rise over the previous year. Income tax receipts jumped 10% year-on-year to reach £273.3bn in 2023/24. PAYE income tax receipts grew by 11.4% year-on-year while receipts from income tax collected via self-assessment declined slightly by 1% year-on-year. However, employee NICs fell during the year to £60.9bn from £65bn last year, a decline of 6%. This reflects the cuts introduced in November 2022, as well the further reduction in January 2024. Business taxes and VAT also rose by £10.3bn and £9.5bn respectively, with corporation tax receipts rising by 11.6% year-on-year, reflecting the rise in the main rate of corporation tax which increased to 25% on 1 April 2023. The highest increases in percentage terms came from air passenger duty which rose 21% to £3.8bn during the year to the end of March. This reflects changes to the APD duty rate structure introduced in April 2023 and the continued bounceback in air travel following the pandemic. The most significant decline was in stamp taxes which reduced by 22% year-on-year. Stamp Duty Land Tax receipts dropped by 24% to £11.6bn in 23-24. Inheritance tax receipts rose by 5.8% year-on-year to £7.5bn. IHT receipts have risen steadily since 2019-20 when IHT pulled in £5.1bn. Paul Falvey, a tax partner from accountancy and business advisory firm BDO, said: “The combined effects of inflation and fiscal drag have played a role in driving up income tax receipts. It’s notable that the rise in receipts has been through PAYE rather than self assessment where receipts actually declined slightly this year. “This suggests that middle earning employees have borne much of the impact from the freezing of tax thresholds. It may also reflect a small decline in self employment during the period, possibly stemming from IR35 rules which have encouraged employers to put freelancers onto the payroll. “The decline in Stamp Duty Land Tax receipts during the year indicate the impact of comparatively high interest rates and the resulting decline in home buying by around 17%. Housing transactions in each quarter of 23-24 were down on the previous year. There are some suggestions of further cuts to Stamp Duty before the general election which will be of particular interest to first time buyers. “Fiscal drag and rising asset values have also played a role in the increase in IHT that we saw during the year. Many families will be exploring options to pass on wealth outside the IHT net.”

Boxphish, a Leeds-headquartered human risk management business, has secured a £3.25 million investment from BGF. Boxphish’s suite of cyber security training courses, customisable phishing simulations, and data analytics equips organisations, and their teams, with the tools and knowledge needed to mitigate the risk of falling victim to cyber attacks. Founded in 2020, by serial entrepreneurs Henry Doyle and Dan Bailey, alongside CEO Nick Deacon-Elliott, Boxphish has a growing customer base and library of training courses that meet the needs of organisations from across a broad range of sectors and sizes, working with the likes of North Yorkshire Council, University of Cambridge, and Leeds United FC. The funding from BGF will allow management to accelerate investment into product, people and partners. Boxphish CEO, Nick Deacon-Elliott, said: “We’ve been scaling at real pace over the past few years. By combining relevant and interactive training with real-world phishing simulations and data-driven dashboards, we’re helping organisations identify, reduce and report on their human cyber risk, delivering real value to our clients. “We’ve known BGF for a number of years and are now at a stage where partnering with an experienced, long-term, minority investor with a strong track record of working with other regional tech companies is the the right thing to do.” The deal was led by Rob Johnson, investor in BGF’s Yorkshire & North East team, who will join the Boxphish board. He said: “We’re delighted to be backing a highly-experienced and commercial team in Nick, Henry and Dan, who have established the foundations for continued growth over the coming years. “We look forward to working closely with Boxphish and leveraging the wider BGF network, to help the team accelerate their product and commercial strategy, as we look to cement Boxphish’s reputation as one of the most exciting, up-and-coming players in the human risk management space.” As part of the investment, Andy Dancer has also joined the board, as non-executive chair, following an introduction from BGF’s Talent Network – one of the largest groups of board-level non-executives in the UK and Ireland. Andy brings a wealth of experience in founding, scaling, and exiting other tech-focused businesses, and will support the team in refining and executing its growth strategy.