CEO “pleased” with 2023 trading at Team17

Tess Egginton
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CEO “pleased” with 2023 trading at Team17

Team17 Group’s new CEO is “pleased” with how 2023 trading closed, finishing the year with positive momentum across the games label’s portfolio.

In a trading update for the twelve months ended 31 December 2023, the Yorkshire-based business noted that all parts of the Group performed well over the key Black Friday and festive trading periods.

As a result, management continues to expect FY 2023 adjusted EBITDA to be at least £28.5m.

Steve Bell, CEO of Team17, said: “Having joined the business in September 2023, I am delighted to now formally take over as Group CEO, having spent the last four months fully immersing myself across the Group, with our people, portfolio of games and developers.

“I am pleased with how FY 2023 trading closed, finishing the year with positive momentum across the portfolio. I am extremely excited about the prospects for the Group in 2024 and beyond.”

Six-figure investment helps Barnsley firm go green

Tess Egginton
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Six-figure investment helps Barnsley firm go green
Barnsley firm Andel Ltd has put environmental sustainability high on the agenda after making a significant investment to make its operations greener. The Dodworth-headquartered firm has secured a second round of financial backing from NPIF – FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment. The six-figure investment is supporting Andel’s growth strategy which includes its journey to net zero. It has introduced several green initiatives, including replacing its fleet of vehicles with electric cars, installing EV chargers at its head office for all staff, reducing its fossil fuel derived gas and electricity usage by 100%, and creating a wildflower meadow at its head office. Founded in 1992, Andel has steadily grown to become one of the global market leaders in the design, development and application of specialist leak detection, water sustainability, flood defence and environmental protection systems. Based in Barnsley, Andel has operatives throughout the UK and subsidiaries in The Netherlands and Romania. Mark Harris, commercial director at Andel, said: “In 2020 we made a pledge to become Net Zero by 2025 and we’re well on our way to achieving this. “Andel has gained an enviable reputation in our field for innovation and cutting-edge research and development. We’d like to compliment this by showing how important environmental sustainability is to us and do what we can to reduce energy consumption and waste. “Throughout our journey we have been supported by Lindsey McMenamin and the team at FW Capital who have understood our ambitions and provided funding to help with the growth of the business. Sustainability is a key part of Andel, but with it comes short-term challenges and costs. “The support from FW Capital has helped enormously, giving us a degree of financial flexibility, and allowing us to focus our efforts on future proving the business.” Lindsey McMenamin, portfolio manager at FW Capital, added: “Andel has made some important and impressive changes to their business. They have demonstrated a strong environmental commitment and I’m pleased to support them on their journey to becoming net zero. “Being able to work with businesses like Andel who are championing green operations is extremely rewarding and is aligned with NPIF and FW Capital’s ongoing commitment to investment in sustainable businesses in the regions it operates. “Their efforts have also been recognised recently at the Barnsley and Rotherham Business Awards 2023 where they won the Sustainability Award.”

Almost 50,000 firms at risk of insolvency this year, says Red Flag alert

Stuart Pearcey
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Almost 50,000 firms at risk of insolvency this year, says Red Flag alert
Almost 50,000 UK businesses are starting the new year in a precarious financial position and at risk of becoming insolvent during the next twelve months, according to the latest Red Flag Alert from insolvency specialist Begbies Traynor. Across every sector monitored by Red Flag Alert, the levels of critical financial distress grew quarter-on-quarter in last year’s final quarter, highlighting how the current economic backdrop is having a detrimental impact on every corner of the UK economy. This worrying picture for UK businesses can also be seen in the growing number of businesses in significant financial distress, up nearly 13% in the last quarter, according to Julie Palmer, Partner at Begbies Traynor. She said: “After a difficult year for British businesses that was characterised by high interest rates, rampant inflation, weak consumer confidence and rising and unpredictable input costs, we are now seeing this perfect storm impacting every corner of the economy. “Now that the era of cheap money is firmly a thing of the past, hundreds of thousands of businesses in the UK, who loaded up on affordable debt during those halcyon days, are now coming to terms with the added burden this will have on their finances. “For some, a better-than-expected Christmas may kick these concerns down the road for a little longer, but the rapid growth in the levels of critical financial distress point to an economy that is waking up to the danger of debt ladened businesses in a higher rates environment. “As we saw in the previous quarter, the strain being placed on companies has extended well beyond the consumer facing businesses with bellwether sectors, like construction and real estate, now in serious jeopardy as over 15,000 businesses face high risk of failure. “Sadly, for tens of thousands of British businesses who should be looking ahead to 2024 with some degree of optimism, the new year will bring a fight for survival as the debt storm that has been brewing for years looks like it is breaking across the country.” Ric Traynor, Executive Chairman of Begbies Traynor, added: “As we start the new year, the UK economy is in a difficult position after a challenging 12 months for British businesses who had to grapple with a number of unrelenting macro-economic pressures that made the lives of business leaders difficult. “As a result, we are seeing insolvency rates starting to accelerate in the UK and our own empirical data highlights how this trend is likely to speed up in 2024 as the environment takes its toll on businesses. “Later this year, we could see some respite for companies as inflation looks like it may reach more palatable levels which in turn should result in interest rates starting to climb down from current heightened levels. “Unfortunately, there are no signs of an easy fix and, with geo-political uncertainty continuing to rise and a hike in the national wage around the corner, the backdrop is hardly improving for an economy that is still firmly in recovery mode post-pandemic. “For many businesses, I fear soldiering on in this environment will prove to be one step too far and I expect thousands of debt-laden businesses to start to fail this year.”

Leeds marketing firm acquires communications agency

Tess Egginton
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Leeds marketing firm acquires communications agency
Leeds-based marketing agency Fantastic Media has acquired Faith Brand Communications for a six-figure sum. This move comes after nearly sixteen years of collaboration between the two Yorkshire firms on various projects. While both brands will maintain their distinct identities for the immediate future, this partnership has expanded the collective strength of the business duo, which now boasts a team of 33 marketing professionals. Together, the firms will oversee a portfolio of over 45 retained clients with a combined turnover exceeding £2 million. Founder and former Managing Director Stefanie Hopkins will continue to play a pivotal role as communications director while Fantastic founder Andy Hobson and co-owner, Andrew McCarthy, will become owner directors of Faith, supported by a leadership team which spans both firms. The Faith Brand Communications team will relocate from Brighouse to Fantastic Media’s offices over the next quarter. Fantastic Media founder and CEO Andy Hobson said: “Fantastic, very much like Faith, has grown organically over the past 18 years by delivering high quality, targeted brand and marketing strategies based on emotional connections and strong relationships between agency and client teams. “This approach is testament to the longevity of both companies’ approach and confirms that people are at the core of our DNA. The coming together will be a perfect fit for all parties and will strengthen the offering to new and existing clients.” Stefanie Hopkins, founder and MD of Faith Brand Communications, added: “I’ve known Andy and the Fantastic team for many years, having provided PR both for the agency and its clients, so I am thrilled to join forces. This move marks an exciting chapter in our journey, opening up new horizons of growth and possibilities. “Since launching Faith from my kitchen table with just one £250 a month client in 2007, we have built a solid foundation as a PR agency in Yorkshire and beyond, and this union allows us to take our expertise to new heights. “The synergies between our strengths in public relations and Fantastic’s comprehensive marketing capabilities promise a truly integrated offering for brands. Together, we can deliver a seamless, end-to-end solution that addresses the diverse needs of businesses and brands in today’s dynamic market.”

Manufacturers cut back investment as output and orders weaken

Tess Egginton
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Manufacturers cut back investment as output and orders weaken
Sentiment within the manufacturing sector stagnated in the three months to January, as output volumes fell unexpectedly, according to the CBI’s latest quarterly Industrial Trends Survey. Output is expected to rise slightly in the three months ahead, but the share of firms citing weak orders or sales as a constraint on production rose to its highest in three years, with total new orders falling at their fastest pace since July 2020. Growth in average costs accelerated in the quarter to January, putting pressure on margins. The pace of growth in domestic selling price inflation was unchanged, but export selling prices rose over the quarter. Investment in tangible assets (buildings, machinery, equipment) is expected to fall sharply in the year ahead, with investment in innovation also expected to weaken. However, manufacturers expect to increase spending on training & retraining amid lingering concerns over shortages of labour. The survey, based on the responses of 246 manufacturing firms, found:
  • Output volumes fell in the quarter to January, after being unchanged in December (balance of -10% from 0% in the three months to December). Firms expect volumes to rise marginally in the next three months (+7%).
  • Total new orders fell at their fastest pace since July 2020 (balance of -13% from +2% in October) and manufacturers expect orders to remain unchanged over the next three months (-1%).
  • Growth in average costs per unit of output accelerated in the quarter to January, with the pace of costs growth standing well above average (balance of +43%, from +29% in October, long run average of +18%). Cost growth is expected to remain elevated in the quarter to April (+43%).
  • Domestic selling prices were reported as broadly stable over the three months to January (balance of +2%, from +5% in October), the weakest balance in over three years and matching the long-term average. Export price inflation accelerated from October (+14%, from +10%) and stands above the long-term average (-4%). Domestic price growth is expected to pick up in the next three months (+9%), while export price growth is expected to ease (+6%).
  • Investment intentions for the year ahead were mixed. Manufacturers expect to raise spending on training & retraining (+6% from +5% in October). Investment in product & process innovation is expected to fall (-5%, from +6%, the weakest since the quarter to January 2021). Investment in tangibles is expected to fall rapidly, including buildings (-29% from -31%) and plant & machinery (-15% from -11%, also the weakest since January 2021).
  • The main constraint on investment was uncertainty about demand (cited by 58% of manufacturers, the highest since January 2021). Other factors include: inadequate net return (40%, the highest since July 2020); the cost of finance (22%, the highest since January 1991 – excluding the pandemic period) and labour shortages (20%, down from a record 37% two years earlier – excluding the pandemic period – but still above the long-term average of 11%).
Anna Leach, CBI deputy chief economist, said: “Conditions in the manufacturing sector deteriorated unexpectedly at the start of the year, with output falling and order books at their weakest since the depths of the COVID-19 pandemic. Uncertainty about demand looks set to weigh on investment in the year ahead. “Manufacturers are also facing potential disruption to their global supply chains in the near-term because of the diversion of commercial shipping away from the Red Sea – concerns that access to materials and components could limit output in the quarter ahead remain elevated relative to the long-run average. This is likely to push up the price of some imported inputs at a time when firms are still absorbing the costs of higher energy bills and a still tight labour market. “The Spring budget represents an opportunity to look beyond these short-term challenges and strengthen the foundations for sustainable economic growth. Full capital expensing was an exciting first step in this direction, but the government must go further to instill confidence in manufacturers to invest through a programme of measures around innovation, skills and decarbonisation, which the CBI will outline in its upcoming Budget submission.”

Switch to digital import labels will save money for business, says Government

Stuart Pearcey
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Switch to digital import labels will save money for business, says Government
Businesses are set to benefit from reduced costs and burdens as import labels are made digital for the first time. Digital labelling will allow businesses to put important regulatory or manufacturing information online rather than requiring them to physically print it on products – saving time and money which can be pushed towards scaling up and growing their company. This follows the Product Safety Review consultation and extensive industry engagement – looking at ways to cut costs while benefitting consumers and ensuring our regulatory system is agile and a move towards digital labelling has been something the industry have consistently called for. SMMT Chief Executive Mike Hawes said: “Recognising CE marking indefinitely is very welcome and a common sense decision that will benefit the motorist and the competitiveness of the UK automotive industry. It means that thousands of aftermarket and supply chain businesses can continue to source vital automotive parts without unnecessary additional cost and complexity, keeping costs low for consumers and ensuring vehicles are built and maintained to the highest possible standards.” Business and Trade Minister Kevin Hollinrake said: “I know first-hand the difficulties businesses face with regulations and red tape, and what we’re announcing today will not only ease business burdens and costs but will enable them to spend their time growing their companies and creating jobs. “We’ve worked closely with multiple sectors to create policy that works for them and this is another step in the right direction to back British businesses.”

Training provider gets £300k grant to double training capacity in race to bridge skills gap

Stuart Pearcey
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Training provider gets £300k grant to double training capacity in race to bridge skills gap
South bank training provider CATCH has been awarded £300,000 to help upgrade its existing welding, pipefitting and electrical training facilities in Stallingborough. The money will comes as part of the ECITB’s million investment in Regional Skills Hubs, and will see an upgrade as part of a joint venture with industry to increase learning capacity at the training centre by 100% over the next two years, as part of a broader Humber Skills Plan to increase training output by 1000% by 2029. The ECITB’s £1 million investment in Regional Skills Hubs is designed to boost training provider capacity and grow new entrant numbers in the ‘Industrial Cluster’ hot spots and other major engineering construction industry (ECI) centres of activity which will be at the heart of the UK’s decarbonisation agenda. David Talbot, Chief Executive at CATCH, said: “This £300,000 funding from the ECITB marks a significant milestone for us, securing the transformation of our training facilities in Stallingborough, as we move towards our goal of increasing our learning capacity by 100% this year as part of scaling up the number of new entrants to industry to create the workforce that is required for our region to build net zero infrastructure. “As we embark on this exciting journey, we are extremely grateful for the support of our industry partners and the ECITB, aligning with our vision to provide a pipeline of skilled workers for the Humber region’s engineering construction projects.” Paul Fursey, UK Lead Executive and General Manager Humber Refinery at Phillips 66 Limited, said: “It is great to see the support from the ECITB in the development of a leading National Net Zero Training Centre. “There is a great urgency to increase apprenticeships and skilled resources locally and nationally to support the development of critical UK infrastructure. “Year after year we are seeing a drop in skilled labour, and it is vital we act now. CATCH is a great example of how industry and public bodies can come together to combat this.” ECITB Chief Exec Andrew Hockey said: “The ECITB is delighted to support CATCH as it continues to develop a pipeline of trained, skilled workers for major engineering construction projects in the Humber region. “We know from the Labour Forecasting Tool, launched in December, that the labour demand gap for new workers in the engineering construction industry will get wider with an estimated shortfall of 40,000 workers by 2028. “The Regional Skills Hub grant is targeted specifically on capacity-building projects in the UK’s industrial heartlands that will directly increase the flow of workers into the industry. “The proposal clearly highlighted the project participants’ commitment, externally leveraged funding and clear outputs and delivery milestones. Our investment will support the training of more skilled workers to help decarbonisation projects, such as the Viking CCS projects in this area.”

HARIBO appoints firm to deliver Castleford factory expansion

Tess Egginton
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HARIBO appoints firm to deliver Castleford factory expansion
HARIBO UK has recently received planning approval for a new, purpose-built warehouse at its Castleford site. This new facility will help meet increased demand for products. Now, HARIBO has appointed local firm Caddick Construction to deliver this expansion. The site in Castleford first started producing HARIBO’s treats in 2015. The new warehouse facility will allow HARIBO to manage increased volumes of finished product, stock more raw materials and packaging, and will help safeguard 600 jobs across both its West Yorkshire sites. Jon Hughes, Managing Director of HARIBO UK and Ireland, said: “Following another successful year, we’re pleased to have recently received planning approval for a new, purpose-built warehouse at our Castleford site. “We expect to break ground and begin construction soon and are delighted to have appointed local Yorkshire construction firm Caddick Construction to support the build. For fifty years, we’ve been part of Yorkshire’s sweet-making tradition, and we continue to invest in our two sites in Pontefract and Castleford to deliver delicious treats for our consumers across the UK. “The new warehouse will mean that we can create more moments of childlike happiness, and the investment demonstrates our commitment to Yorkshire as a centre of excellence for food manufacturing.” Paul Dodsworth, Caddick Construction Group’s Managing Director, said: “Our appointment to HARIBO UK’s expansion plans is very exciting for Caddick as we grow our manufacturing portfolio. “As a Yorkshire business, we’re very proud to once again be leading on a development that will boost industry and employment, making this great region home to world-leading manufacturing. We are looking forward to starting work on site and working with HARIBO UK to fulfil their expansion plans.”

Restoration of Hull landmark begins

Tess Egginton
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Restoration of Hull landmark begins
Regeneration specialist Wykeland Group has begun a £2m restoration project to revive Hull’s historic Castle Street Chambers building and former Earl De Grey pub. Castle Street Chambers, which is adjacent to the Connexin Live arena in Hull city centre, was built in 1900 as offices for Hull steamship owners and brokers Messrs G R Sanderson. The Grade II-listed building has been unoccupied since the 1970s and has fallen into dereliction, supported by protective scaffolding for more than 20 years. A similar fate befell one of Hull’s oldest pubs, the neighbouring Earl De Grey, which dates back to the 1840s and was once a popular haunt for seafarers from around the world who docked in the city. In 2020, the Grade II-listed Earl De Grey’s historic frontage was painstakingly removed brick by brick, before being placed into storage, prior to the start of the ongoing £350m A63 Castle Street improvement scheme to relieve congestion on the main route through Hull. Now, a significant restoration project on Castle Street Chambers is underway which, once completed, will incorporate the reconstructed Earl De Grey. Hull-based Wykeland Group is delivering the project, which will create more than 6,000 sq ft (557 sqm) of prime commercial space. Wykeland has liaised closely with National Highways, Historic England and Hull City Council to bring the restoration project forward. Wykeland Development Director Jonathan Stubbs said: “Castle Buildings is one of the most complex and challenging restoration projects we’ve undertaken. “Having been unused for decades, the building is understandably in a very poor condition. Since acquiring the site in recent years, we have worked hard to bring forward this project which is now coming to fruition “That has included taking down the Earl De Grey before the A63 works, while retaining its listed frontage in order that it can be reinstated as part of this exciting development. “In all of our restoration projects, protecting and enhancing heritage is at the forefront of our approach. That is certainly the case with Castle Street Chambers and the Earl De Grey.” The first phase of the restoration will see the scaffolding removed from Castle Street Chambers, revealing the derelict building behind it. Piling work will then commence at the site of the new Earl De Grey, before Castle Street Chambers is re-scaffolded for roof and window repair work, as well as general improvement to the brickwork. A small single-storey extension will be built on the side of the building, before the frontage of the Earl De Grey is brought back to the site and reassembled, facing the Connexin Live arena. The full restoration project is expected to take around a year, with completion due in early 2025. The Yorkshire Demolition and Reclamation Company, based in Thorngumbald, East Yorkshire, was appointed to carry out the first phase of the restoration. The company will first remove the scaffolding and hoarding surrounding Castle Street Chambers, before carrying out work on the internal strip-out of the building. Paul Thurlow, Director at Yorkshire Demolition, said: “We have a long history of working with Wykeland Group on significant projects in Hull and the surrounding area. “We were the first company on the site of the C4DI building in Hull’s Fruit Market, taking down some of the old warehouses that were previously on site. “It’s great to be working with Wykeland again on another important project for the city.” Hull-based Voase Builders was successful in a competitive tender process to carry out the restoration of Castle Street Chambers and the rebuilding of the Earl de Grey. Voase has previously worked with Wykeland on projects to rejuvenate derelict buildings in Humber Street as part of the transformation of the Fruit Market into a thriving urban village. Keith Ritchie, Director of Voase Builders, said: “We’re delighted to be working with Wykeland on another historic, prominent building in the city. “Castle Street Chambers, including the incorporation of the Earl De Grey, is exactly the sort of project we love working on – restoring historic buildings to their original glory.” Grimsby-based ID Architecture has supported the project through a variety of services – from concept and detailed design of both Castle Street Chambers and its single-storey extension, to acting as Wykeland’s planning agent and coordinating technical information from consultants. LHL Group, which has offices in Hessle, East Yorkshire, has acted as the employer’s agent for Wykeland, supporting the management and delivery of the project. The Castle Street Chambers restoration is supported by £162,000 of Levelling Up Funding, allocated by Hull City Council.

Yorkshire property firm makes five promotions

Tess Egginton
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Yorkshire property firm makes five promotions

Yorkshire property firm Dacre, Son & Hartley has made promotions across its residential, agricultural and customer service divisions, as well as a director level promotion in its specialist commercial division, Dacres Commercial.

Laura Nicholas and Zoe Harrison have both been promoted to associate, Anita Rydings is now a senior sales negotiator, Will Shakeshaft-Gee has become a sales negotiator and Ed Pawley has been made a director of Dacres Commercial.

Ed joined Dacres Commercial in 2021 as a senior associate. He now carries out valuations, rent reviews and lease renewals, as well as advising on investment transactions, spanning all types of healthcare property including GP surgeries, medical centres and pharmacies. He covers an extensive area spanning Yorkshire and into the North West, Midlands and down the M1 corridor.

Laura joined Dacres in 2015 as a customer services representative and is also a qualified mortgage advisor, which further enhances her understanding of the property market. In 2022 she was promoted to head of Dacres’ customer services centre, leading the team and working with clients at all stages of their property journey. She also provides internal training across the firm’s 20 residential offices, located throughout North and West Yorkshire, on best practice requirements and software systems.

Chartered surveyor Zoe has worked as a land agent in Dacres’ agricultural division since 2019. Zoe, who is a RICS member and registered valuer, handles the sale, valuation and management of agricultural and sporting property throughout the North of England. Based in the firm’s Harrogate office, Zoe works across a wide portfolio of clients from single farms to some of the finest country estates in the region.

Anita joined Dacres’ Knaresborough office in 2018 and has a proven track record in sales and strong focus on high standards of customer service. She is a Fellow of the National Association of Estate Agents and has almost 20 years’ experience working in the property sector, after starting her career in commercial property in Leeds, before becoming property manager at The Harewood Estate and then moving into residential sales.

William Shakeshaft-Gee joined Dacres’ Burley-in-Wharfedale office in 2022 as a sales assistant and after developing in the role for the last 18 months he’s enjoyed numerous sales successes throughout Burley and the surrounding area, as well as being a hit with clients.

Patrick McCutcheon, head of residential at Dacres, said: “Ed, Anita, Laura, Zoe and William are all integral members of our team, with their own specialisms, who work across different divisions and areas within the business. They’re all very hardworking and go above and beyond to deliver the best results for our clients, and therefore they thoroughly deserve their promotions.”

David Ogilvie, who heads up Dacres Commercial, added: “Ed’s promotion is recognition of his strong performance since joining Dacres Commercial and the key role he has played in helping to drive forward the expansion of our highly regarded healthcare department.”

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