Cllr Michael Graham, Cabinet Member for Regeneration and Economic Growth, said: “It’s brilliant to see the market hall and the incredible work that has gone into transforming it, to give traders and shoppers the best facilities.
“We took the decision to invest in its future because an independent review we commissioned in 2018 found that, with some changes, the market could continue to be sustainable. “Markets play a significant role in bringing shoppers to the town centres and they contribute to our aim of growing the local economy and providing employment opportunities to residents.” Pontefract market has been renovated both inside and outside with new flooring, wiring, lighting, ceilings, and shutters. Repairs have been made to the roof to make it waterproof. The walls, ceilings and frames have also been redecorated to give the market a fresh look. Outside, feature lighting has also been installed to highlight the Grade II listed market facade, that was designed by Joseph Wilson and opened in 1860 by former Prime Minister, Lord Palmerston. Local ward councillors have also funded repairs to the traditional red telephones boxes. Pontefract is the second of the four markets to be completed. Work on Normanton finished in May. Of the remaining two, Castleford will complete in Spring 2024 and work on South Elmsall will start around this time.£1.136m makeover of Pontefract market complete
Visitors to Pontefract will see a new look to the market the next time they drop in, as work to refurbish and modernise it has now finished.
Wakefield Council has spent £1.136 million in making improvements to Pontefract market which last year attracted a million visitors.
It’s the latest to benefit from the council’s investment of almost £6.5 million to improve the district’s markets. Funding was approved in 2020 for four markets to be renovated as part of the markets improvement programme.
New ownership for metals and minerals supplier
South Yorkshire-based company, Westbrook Holdings, which trades as Westbrook Resources from its HQ in Dronfield, has been sold by its shareholders to an Employee Ownership Trust.
HSBC provided funding for the transaction, which was advised on by Sheffield-based dealmaking firm, Castle Square Corporate Finance, and the Sheffield office of national law firm, Freeths.
With an annual turnover of $85 million in its last reported annual accounts, Westbrook is a leading supplier of metals, minerals, and ferro alloys to the global iron and steel industry. As a key part of the global supply chain, Westbrook sources, stocks, and supplies materials across all major continents, dealing with over 60 different metals and minerals in more than 40 countries.
Director Kevan Shaw and Joe Potts from the Castle Square team provided advice on transaction value and the fundraising process, with HSBC bank providing the necessary funding. Kevan said “Having first advised Westbrook on a refinancing over a decade ago, we are delighted to have now advised on a deal which gives the shareholders a successful exit.”
Following the completion of the sale, Shaun Walton will remain as Chief Executive, and Nick Jones will continue as Managing Director. The rest of the senior management team will also stay in place, working with them to take the company forward and oversee its continued growth.
Shaun said: “Our thanks go to Castle Square, Freeths, and HSBC for their pivotal roles in enabling this EOT to happen. Now, those contributing ideas, hard work and professionalism will directly benefit from Westbrook’s success. The sky is the limit.”
Legal and tax advice were provided by Lisa Wallis, Rosanna Brown, and Alex Angelides from the Sheffield office of law firm Freeths.
Lisa said: “It was a pleasure to work with Westbrook and Castle Square on this transaction, securing an exit for the shareholders and allowing the Employee Ownership Trust to continue developing the business going forward, for the benefit of the employees.”
Richard Baggaley from the HSBC Corporate Team was instrumental in delivering the funding on behalf of the bank.
2024 Business Predictions: Luke Gidney, Managing Director at HOP
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Luke Gidney, Managing Director at estate agent HOP.
The rentals market in Leeds has been very busy in the last 12 months and rents in many areas increased by between 10% and 12% in 2023. We now typically receive between 25 and 30 enquiries for every property we list and will pre-qualify around 10 people for a viewing. Of these we usually expect three to apply, so it’s a very competitive market for tenants.
Generally, property stock levels do increase slightly in December and January as people usually try to avoid moving during the Christmas period. This is a trend that we are seeing this year as normal, so any tenants looking for a home might have a slightly better chance if they act now.
Looking ahead to 2024, the shortage of available rental property looks set to be an ongoing theme. Substantial tax increases and higher interest rates combined with some laborious legislation mean many landlords continue to sell up. As a result, we expect rents to rise further, although possibly at a slightly slower pace than in 2023, but growth of between 8% and 10% would come as no surprise.
However, the reality is that many tenants are already over-stretched financially, and lots are already facing a tough time due to sky high energy bills and food inflation. There has been an increase in the number of tenants falling into rental arrears in 2023 and this is likely to remain an issue in 2024.
This is also driving the popularity of rent guarantee insurance, often known as tenant default insurance, amongst landlords, which typically costs around £250 a year and gives landlords peace of mind that they are protected from financial losses incurred by tenants failing to pay their rent.
Ultimately, the market needs more rental property and although landlords are selling up in droves, there are others who are recognising the opportunities that the current market offers. This is particularly true for seasoned investors. Our specialist investment division agreed approximately £5million worth of off-market investment sales in 2023.
How this pans out in 2024 will depend on what interest rates do. However, there’s no doubt Leeds is still very attractive to investors and especially because it offers an excellent average rental yield of 6.3%, which means you can get even higher yields in certain pockets of the city.
In some areas of Leeds, you can find two-bedroom houses at £130,000 and three-bedroom homes around £180,000, so it still offers great value for money. These would rent for £850 and £975 respectively.
Plus, there’s the potential for capital growth over the medium to long term. Leeds sits comfortably in the top 10 table for the best UK cities to invest in property, and there is an abundance of reasons why. The city brings together several compelling factors – a growing younger population, thriving economy, great value investment and high yields, making it a savvy choice for investors on the hunt for decent returns.
Research by JLL shows that Leeds is consistently one of the top five cities in the UK for capital growth and our own five-year prediction suggests house price growth of 14% for Leeds between 2023 and 2027. With a skilled workforce of 1.4 million people, Leeds is fast becoming a leading business hub in the UK, hosting big companies including newcomers Channel 4, BT, Sky, First Direct and Asda. The city has also been named the “Digital Capital of the North” with one of the fastest-growing tech hubs in the UK.
With continued investment being pumped into the city with the likes of the exciting new South Bank region and TransPennine Routes upgrades being approved, Leeds isn’t putting the brakes on anytime soon.
Catterick’s multi-million pound re-development gets green light from planners
The multi-million pound re-development of Catterick Garrison’s town centre has secured planning approval in a move aimed at bringing jobs and vital new facilities for communities as well as military personnel on one of England’s largest Army bases.
Permission to build a new community and enterprise building and a multi-use events space as well as create a new public square has been given by members of the Richmond (Yorks) Area Constituency Planning Committee.
Plans also include landscaping improvements, upgrades to Coronation Park and Shute Road, improved play spaces, accessible routes to the town centre and improvements to footpaths and cycleways.
Planning Committee chairman David Webster said: “This scheme will see significant improvements to the centre of Catterick Garrison as well as contribute to our work to reduce carbon emissions through the use of sustainable design and renewable energy.”
The community building will house offices for small businesses and include space for community groups and food retail. Improvements to the park will include new play areas for all ages from toddlers and woodland play areas to a skatepark for older users.
Member for the Colburn and Hipswell ward, Cllr Kevin Foster, said: “This scheme has taken a major step forward today and means we can start to realise our ambition to complete by summer next year. The development is also in line with our priority of achieving net zero carbon emissions with its use of heat pumps and solar panels.
“It will bring new opportunities and facilities for the many people who live at Catterick Garrison – both civilians and members of the military.”
Council pushes back against erection of increasing numbers of broadband poles
East Riding of Yorkshire Council is to urge Ofcom to launch an emergency market review and pause the erection of more broadband poles in the Hull Telecoms Area.
Reacting to residents’ concerns, councillors feel that waiting until the next scheduled review in 2026 is too long to wait.
The council has limited powers to control the erection of more masts, since they don’t ned planning permission. Coun Coleen Gill said the review was necessary because more telegraph poles were being installed in areas across the Hull Telecoms Area, already served by an existing gigabit capable duct and pole Network.
She wanted Ofcom to consider:
1. Imposing a duty on telecoms companies to demonstrate reasonable efforts have been made to reach an agreement with existing providers for access to infrastructure.
2. Compelling existing providers to publish pricing for access to its infrastructure.
3. In the event that no agreement is reached, oblige companies to pursue a formal dispute via Ofcom, prior to installing further infrastructure of their own.
4. And to reiterate, stop any such installations until a Market review has been concluded.
UK economy shows growth but precarious position remains
The UK economy grew in November, with GDP* (gross domestic product) seeing a 0.3% rise, stronger than the 0.2% month-on-month growth expected and following a 0.3% fall in October.
However, GDP was down 0.2% over the three months to the end of November, keeping the economy in a precarious position.
Monthly growth reflected strong performance in services, particularly in information and communication which grew 1.5% thanks the computer games industry and telecommunications.
Services output grew 0.4% month-on-month, following a 0.1% dip, while in another positive swing production output grew 0.3% month-on-month, following a fall of 1.3% in October. Meanwhile the construction sector fell 0.2% month-on-month, after a fall of 0.4% in October 2023.
James Smith, research director at the Resolution Foundation, said: “The economy grew more strongly than expected between October and November, driven by a recovery in our services sector including strong black Friday retail sales and a high performing ICT sector, making it less likely Britain will fall into recession.
“The final verdict on 2023 will come next month, but it is essential that Britain builds some economic momentum in 2024.”
Ben Jones, CBI lead economist, said: “It’s encouraging to see that economic activity rebounded in November after the previous monthly fall. But while this means the UK should avoid a technical recession last year, it masks an overall picture of a flatlining economy.
“The CBI’s latest surveys suggest the economy will struggle to gain any traction in the near term, as consumers rein in spending and firms face a trio of headwinds in the form of subdued demand, cost pressures and ongoing difficulties finding the staff they need.
“With an election fast approaching, all parties need to look at measures which can get the economy firing on all cylinders. Full capital expensing was an exciting first step in this direction, but the Spring Budget is a chance to press ahead with a wider programme of measures around innovation, skills and decarbonisation that provide the foundations for sustainable economic growth and kick-start productivity.”
*GDP measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy.
British Steel turns to biomass experiment for sustainable fuel
A university research study supported by British Steel is investigating the production of an environmentally friendly green fuel.
The research will investigate whether the fuel, known as biochar, can replace injection coal in blast furnaces and act as a future clean carbon source for electric arc furnace steel production.
Peatlands are some of the most fertile lands in the UK for food growth, but decay of the peat soil emits large quantities of carbon dioxide. Alternatively, farming the land as sustainable wetlands, growing willow for biomass, prevents degradation of the peat.
Subjecting the willow crop to a thermochemical treatment called pyrolysis would be used to provide heat to enhance indoor farming productivity and produce biochar – a man-made charcoal. This biochar might then be used as a coal replacement, reducing the requirements for fossil fuels and reducing the net emissions that contribute to global warming.
Academics from the University of Lincoln have secured funding from the Industrial Decarbonisation Research and Innovation Centre for the project, and are working with farming estate and biochar supplier Lapwing Energy, CATCH – a champion for clean industrial growth – and British Steel.
As a partner in the project, the steelmaker is helping to steer the study and give a technical view on requirements to determine if biochar could replace injection coal and act as a future clean carbon source for electric arc furnace steel production.
Dr Andy Trowsdale, our Head of Research and Development, said: “By partnering with suitable suppliers, it is possible to provide sustainable feedstock materials and at the same time support land use projects that provide environmental benefits that far exceed those related to the fuel.
“A tonne of sustainable bio-carbon optimised for our steelmaking needs will reduce our net CO₂ emissions by three tonnes. But if the requirement for this material can prevent the degradation of peat re-wetting the land, then the CO₂ benefit can be nearly 10 times this amount. Combined with off-setting benefits from not extracting coal and each tonne of bio-carbon from this project has the potential to reduce UK net CO₂ emissions by nearly 30 tonnes.”
The project is funded by the UK Government as part of the Direct Air Capture and Greenhouse Gas Removal programme. The UK aims to reduce industrial emissions to net zero by 2050 and research projects that have received funding each support that ambition.
Building society highlights how to get extra income without working any harder…
Millions of people could be missing out on almost £1,000 extra income a year because their savings are in low- or no-interest paying current accounts, analysis from Yorkshire Building Society and CACI suggests.
There are nearly 13 million current accounts held in the UK with balances above £5001, and of those people who hold at least £5,001 in their current account, the average balance held is £24,500.
Almost £400bn is being held in current and savings accounts earning 1% interest or less, but people’s lack of understanding of the impact of their savings habits means millions are losing out on potentially thousands of pounds in interest.
Research also completed by Yorkshire Building Society suggests that over half of savers haven’t compared the interest paid on their accounts in the last year, and over a third hold most of their savings in a current account, offering little or no interest.
Chris Irwin, director of savings at Yorkshire Building Society, said: “Despite savings interest rates getting a lot of attention over the last year, following the significant increases in the Bank Rate, it’s surprising that there are still large pockets of people who are significantly missing out on savings interest – shopping around can now make a substantial difference to the returns available.
“Keeping large amounts of funds in low paying current accounts has become a costly mistake for millions. It’s understandable to want to have money accessible for emergencies or even topping up everyday expenses, but with so many instant access savings accounts currently available in the market paying a much higher return, there has never been a better time to review the home of your savings.
“Reviewing finances and savings can sometimes be an afterthought, with other things in life taking priority, however the start of a new year provides the perfect opportunity to take a close look at your finances and increase awareness of your situation and from there look at how you could make small changes which add up to much bigger returns.
“It doesn’t matter how you choose to go about it, but making just one positive change to your finances, could make a big difference in the long-term.”
Bradford bed firm secures Manufacturing Guild Mark for business excellence
Bradford bed manufacturer Easy Rest Beds has announced plans for growth and new jobs after securing the Manufacturing Guild Mark for business excellence by the Furniture Makers’ Company, the City of London livery company and furnishing industry charity.
Founded in Dewsbury in 1997, Easy Rest Beds is a family-owned business making divan bases and mattresses under the Barker & Finch brand. The company employs 30 people at its 60,000 sq ft manufacturing facility in the West Bowling area of Bradford, where it has been based since 1998.
MD Talib Hussain said: “Our beds have always been known for their quality and, as a manufacturer, being recognised by the Furniture Makers’ Company for our high business standards is incredibly rewarding and a testament to our fantastic team.
“I founded Easy Rest Beds nearly three decades ago with my father and brother Tariq, and now my own children are part of the third generation of the family to work for the business.
“We are so proud of our diverse and talented workforce and as a Bradford business we’re committed to investing in our community and providing skilled employment opportunities in this great city where so may positive things are now happening.”
Mr Hussain said that current escalating demand for Easy Rest Beds’ products was already driving growth. “Building on the honour of achieving the Manufacturing Guild Mark, we hope to be able to create new jobs in 2024 and we are also looking at either expanding our current manufacturing facility, or relocating to new larger premises, driven by the need to increase production.”
Steve Bulmer, Manufacturing Guild Mark chairman, said: “Remaining loyal to its West Yorkshire roots, the business has achieved extraordinary levels of quality, innovation and craftsmanship from humble beginnings and as an employer they are a great asset to their community and to our industry.”
The Manufacturing Guild Mark is only open to businesses that manufacture most of their products in the UK. Companies undergo an independent audit every three years by the Furniture Industry Research Association on behalf of The Furniture Makers’ Company to ensure their standards of operation remain high.
Lincolnshire’s apprenticeship award scheme includes northern Lincolnshire in catchment area
For the first time ever Lincolnshire’s Apprenticeship Champion Awards will also accept applications from North and North East Lincolnshire.
Nominations can now be made for this year’s awards, that recognise the successes of apprentices working across the county, as well as employers and training providers.
Cllr Patricia Bradwell, executive councillor for adult learning at Lincolnshire County Council, said: “We’ve run these awards for two years now, and I’ve been so impressed with the impact that apprenticeships have had on both the individuals undertaking them, and the organisations they’ve worked in. I’m delighted that this year the awards will cover even more learners and organisations as we cover the whole Greater Lincolnshire area.
“Applications can be made for apprentices of any age who have made significant progress, overcome challenges or have made a real difference during their apprenticeship.”
Training providers and employers who want to showcase how their apprenticeship programme have been supportive, innovative or flexible in helping apprentices, can also apply.
The Greater Lincolnshire Apprenticeship Champion Awards are run in partnership between the Public Service Compact group, local councils and the Greater Lincolnshire Local Enterprise Partnership (GLLEP).
The three categories for entries are:
- Greater Lincolnshire Apprentice Champion 2024
- Greater Lincolnshire Apprenticeship Employer Champion 2024
- Greater Lincolnshire Apprenticeship Training Provider Champion 2024
