Huddersfield development assisted with £5.45m revolving loan facility
Yorkshire-based housebuilder Newett Homes has secured a £5.45 million revolving loan facility from Paragon Bank to support its newbuild development in Emley, Huddersfield.
The scheme will consist of 40 homes, including eight affordable properties, ranging from two-to-four bedrooms.
The revolving loan facility has assisted Newett Homes in purchasing the land on Wentwoth Drive and will support the development costs for the scheme as it progresses.
Revolving loans are utilised by experienced housebuilders to recycle funding as the initial tranche of properties are sold. Under the finance structure with Paragon, Newett Homes will be able to borrow a total of £7.8 million during the term of the agreement, and a maximum of £5.45 million at any one time.
Ground is expected to be broken in November, with the first houses expected to be ready by Autumn 2024.
Newett Homes is a jointly owned business by David Newett and his youngest son Will Newett. It focuses on building high-quality family houses across the Yorkshire region and has ambitions to build more than 400 homes annually across the region.
This is Paragon’s second deal with Newett Homes having previously supported the company’s 68-unit development in Fenay Bridge, Huddersfield last year. The deal was led on behalf of the bank by Senior Relationship Director Simon Dekker with support from Senior Portfolio Manager Craig Seabourne and Portfolio Manager Izzy Sargent.
Will Newett, Newett Homes Chief Executive, said: “We have built a strong relationship with the team at Paragon, so we are pleased to have worked with the bank on our latest development, which will deliver high-quality family homes to the Emley area of Huddersfield. We’re excited to break ground on the scheme and look forward to welcoming the first residents next year.”
Paragon’s Simon Dekker added: “We focus on working with experienced housebuilders that deliver a quality product and Newett Homes fits that mould perfectly. The company specialises in properties that deliver that added touch, including properties designed to impress and quality finishing touches.
“Paragon is one of a handful of development funders that can offer a revolving loan facility. This supports the developer by reducing the amount of equity they need to put into a scheme upfront and enables them to use the sale of the initial tranche of homes to pay down the facility as and when they complete, recycling their equity over the course of the project. This can decrease the overall amount of borrowing required and, subsequently, the cost.”
Specialist fund manager acquires homes at Yorkshire brownfield regeneration project
Sky-House has completed the sale of 11 homes at Waverley in Rotherham to Hearthstone Investments.
The eleven three and four-bed homes were bought by Hearthstone Investments for immediate rent to families and young professionals on average incomes.
Hearthstone Investments is a specialist fund manager focused on the private rented sector, with over £450m of assets under management. This deal is Sky-House’s first with a specialist fund of this kind. All eleven homes are now being marketed through local agents, who have reported strong demand.
The eleven homes form part of Sky-House’s second phase of 44 homes at Waverley, Yorkshire’s largest brownfield redevelopment, the regeneration of the former Orgreave coal mining site.
David Cross, founder and director of Sky-House Co, said: “This is an excellent deal for Sky-House, reflecting the quality of our homes for the institutional investment market.
“Directly dealing with Hearthstone has been a pleasure, with the deal concluded quickly over the Summer. We hope this develops into a long term partnership with Hearthstone, as well as providing a reference point for other funds and institutions as we develop out our pipeline of sites in South Yorkshire and beyond.”
Cedric Bucher, CEO, Hearthstone Investments, added: “The product that Sky-House develops is exactly what the private rented sector is crying out for; quality, new homes with strong environmental credentials in a great location. Supporting such large scale projects forms part of our investment strategy, with nearly 50% of homes across our portfolio from brownfield regeneration projects.
“The ability to bring these properties to the rental market works both for our institutional investors and delivers what local people on average salaries need. It’s a benchmark for what private rented homes should be.”
Sheffield startup secures six-figure investment for carbon-negative vertical farming
Future Greens, a Sheffield-based startup, has secured a six-figure investment to back a new innovative and sustainable approach to vertical farming entirely powered by food waste.
Substantial investments have been made by two venture capital firms and the company has received backing from a private Angel investor in Sheffield and a grant in partnership with the University of Sheffield from Innovate UK.
This significant financial support will boost Future Greens in their efforts to revolutionise the vertical farming industry by integrating food waste to power the growing process.
Throughout the first half of 2022, Future Greens was a successful vertical farming pilot growing year-round produce and supplying local grocers in Sheffield. However, the energy crisis exposed the vulnerability of the vertical farming model, which relies heavily on energy. Unable to afford the overheads, company founders David Dixon, Gabrielė Barteškaitė, Alexander La Fleur and Alastair Roper were forced to close their facility and rethink their approach.
The team joined Sheffield Technology Park’s Cooper Project, designed to help tech entrepreneurs by providing free work space and tailored startup support. This move enabled them to start exploring renewable energy sources, with the ultimate goal of becoming carbon negative.
Future Greens’ pioneering approach involves extracting energy from food waste, diverting it from landfills and incineration. This process not only reduces waste but also fosters a sustainable and circular farming ecosystem.
The recent investments will fund Future Greens’ co-founders to work full-time on the development of their groundbreaking idea. Their immediate priorities include creating a prototype and preparing to build a vertical farm in Sheffield with food waste integration.
The team will take on a bespoke space at the Sheffield Technology Parks to develop the prototype, which they hope to begin building by November. The company is also looking to partner with businesses in South Yorkshire for whom they can process their organic waste for free, and are keen to hear from interested parties.
Co-founder Gabrielė expressed her excitement about the funds: “Securing the investments is an incredible boost that allows us to be fully immersed in our mission. We’ve been developing this project on the side for three years while juggling part-time jobs to support ourselves. Working full-time on Future Greens is the reward we’ve been waiting for.”
David added: “We came to Sheffield Technology Parks at the time of losing our facility and knowing that we had to rethink our model due to the energy crisis. Being here gave us the time and the space to think, develop our ideas, and come up with a solution that has garnered interest and now investment. So we’re extremely excited about taking the next steps and getting this idea off the ground.”
Tom Wolfenden, Sheffield Technology Park’s Chief Executive, said: “David, Gabrielė and the team have worked hard to secure this investment. Future Greens has the potential to change the way we grow crops and solve a key challenge we face as a species: how to feed a growing population. Their passion and expertise is inspirational, and we’re pleased to be supporting them here at STP as valued members of our startup community.
“We’re delighted to share that this marks the fifth significant investment into an STP startup during the summer of 2023, with the total figure now exceeding £1.2m.”
Lee uses ‘Day to Amaze’ to earn minibus licence get children to summer camp
Metro Bank Lead Credit Risk Manager Lee Green has taken a MIDAS mini-bus exam so he can drive children to Leeds & District Camp.
Metro Bank gives every employee a ‘Day to Amaze’ – essentially a paid day off to support a local charity or good cause. Lee used his to support the Leeds & District Camp organised by charity St. Vincent de Paul Society. The camp provides children from inner city areas of West Yorkshire including Leeds and Bradford with a week’s holiday they would not otherwise have had.The St Vincent de Paul Society has been organising camps since 1921. The Camp must raise around £20,000 each year to run, and takes place in the heart of the Yorkshire Dales.
Lee said: “It’s great working for a community bank which helps us support local good causes. Local schools give us use of their minibuses without charge, but they insist all drivers have passed the MIDAS test. I was pleased to pass the test as driving the minibus is only part of my volunteering duties. I help at the camp for a week every year – long days, but incredibly rewarding.”Family-owned Hessle firm appoints three new directors
Hessle-based logistics company Neill & Brown has appointed three new directors to help oversee its next phase of growth.
Long-term employee Stuart Dean has been made portable movements operations director. He joins the board along with newcomers Paul Allon, who has been appointed the company’s finance director and Dominic Yeardley, the new commercial director. All three are highly experienced in their fields.
The trio join CEO Peter Brown, MD Colin Moody and logistics director Carl Andrew. Finance director Ian Halder is retiring after 13 years with the company.
Peter Brown said he felt confident that they would all make a positive contribution to the next stage of Neill & Brown’s journey. “These senior appointments have been made as the initial stage of a broader succession strategy and we expect them to play a significant role in increasing our stronghold in the UK, European and worldwide logistics industry from our base in the Humber.
“We have seen consistent growth over the last 20 years while maintaining our family business philosophy, and we will always strive to hold on to this this for the benefit of customers.
“I would like to publicly thank Ian Halder for his hard work, commitment and sound advice, and wish him a very happy retirement.”
Stuart Dean has been with the company for 18 years as a manager in the Portable Movements Department and has a wealth of knowledge in European abnormal load distribution, such as the export of mobile buildings.
Dominic Yeardley has more than 30 years’ experience in UK & European logistics and has a solid all-round knowledge of the industry.
Paul Allon has more than 15 years’ experience across the manufacturing and construction sectors in which he has led mergers and acquisitions and helped transform companies’ IT and HR functions. He said: “I am very excited about working with the senior team at Neill & Brown. I want to build on its history and excellent reputation, which extends from the Humber across the globe, to enable further growth over the coming years.”
Neill & Brown started in Hull in 1917 and employs nearly 150 staff over its strategic Hull sites. It exports and imports goods by road, sea and air worldwide and has extensive warehousing capabilities. It has made continuous investments in its facilities, fleet and services.
Energy company plans new facility on Lincolnshire border
Ironstone Energy has announced proposals to develop a new anaerobic digestion plant on land owned by Buckminster Estate east of Sewstern village on the border between Lincolnshire and Leicestershire border.
The plant would produce biomethane from a variety of energy crops grown nearby as part of a sustainable rotation. These energy crops and the digestate fertiliser by-product returned to the farm, help to decarbonise farming activities and support resilient food crop production.
The project would deliver a range of local benefits, including the creation of new green jobs during construction and operation, a sizeable community fund, and a programme of biodiversity enhancements together with native species planting as part of the landscaping scheme.
Ironstone Energy is a wholly-owned subsidiary of Future Biogas Ltd, which has a portfolio of 12 similar facilities. The site has been chosen in conjunction with Buckminster Estate, who would be supplying around half of the crop inputs helping to reduce fossil fuel and artificial fertiliser use and building soil health.
The new plant would produce enough biomethane to heat a town roughly the size of Grantham, replacing fossil gas, which is mostly imported from outside the UK, while also cutting greenhouse gas emissions. The plant would operate without subsidies, instead selling its gas, via the gas grid, to corporate customers seeking to reduce their environmental impact.
The proposal includes a new access track linking to the B676 designed to minimise any impact of farming traffic on the immediate local road network.
The plans can be viewed at: Sewstern Village Hall, 59 Main St, Sewstern, Grantham NG33 5RQ on Tuesday 10th October 2023, 16.00 – 20.00 and Wednesday 11th October 2023, 10.30 – 16.00
Chamber gives cautious welcome to Sunak’s rail announcement plans
News that Prime Minister Rishi Sunak has promised to electrify rail links to Hull has been cautiously welcomed by the Hull & Humber Chamber of Commerce.
The news came as the PM announced the scrapping of the remaining northern leg of HS2 linking Birmingham to Manchester – a move which has drawn fierce criticism from the elected mayors in the North West.
In today’s announcement Rishi Sunak promised £3billion to upgrade and electrify lines between Hull and Leeds and Hull and Sheffield, as well as Sheffield and Leeds and Manchester and Sheffield.
The Chamber and several Humber MPs, along with our rail advisors, have campaigned long and hard for faster rail journeys across the Pennines to Leeds, Manchester and Liverpool, so today’s announcement is to be welcomed.
Chamber External Affairs Director David Hooper said: “On the face of it, this announcement is good news for the Humber and it is the news we’ve lobbied for years to achieve. However, we all know there is an election looming, so we will feel much more excited about it when work actually begins on the promised electrification of the Hull to Selby stretch of line in particular.
“All we’ve got so far is the announcement, no hint of timescales, but if it comes to pass, it will cut journey times from Hull to Leeds and beyond which is something that has been holding back this area for years.
“I would add that today’s announcement does little to address the issues around freight traffic and congestion on the existing rail network – something HS2 would have helped to alleviate.
“We will be meeting with Rail Minister Huw Merriman in Westminster in a couple of weeks and will once again impress upon the latest Rail Minister the urgent need for him to deliver on these promises so the Humber can prosper.”
New chair appointed at Manningham Housing Association
Manningham Housing Association (MHA) has appointed Rupert Pometsey as chair of the Board.
He will replace Barrington Billings who steps down in December after more than six years in the role.
Mr Pometsey, a chartered architect, is currently vice-chair and has more than two decades of senior level experience as a housing development and asset management professional.
He has delivered homes at a capital cost of over £1 billion and is a former Board member and chair of the development company at Ongo Homes in North Lincolnshire.
Mr Pometsey is currently working for the London Borough of Haringey on the delivery of an ambitious new generation of council homes.
He said: “I am thrilled to be appointed as MHA chair. The association continues to go from strength to strength and has developed a really positive reputation locally, regionally and nationally.
“It is especially admired for its community investment activities and its work in promoting equality, diversity and inclusion.
“I feel privileged to receive the baton from Barrington who is a totemic figure in the housing sector and who it has been an honour to serve alongside as vice-chair.”
Lee Bloomfield, MHA Chief Executive, said: “Rupert’s deep knowledge of housing, his familiarity with MHA and his range of professional skills made him the outstanding candidate for the position. I know he will do a fantastic job in the years ahead.
“On behalf of the senior management team, I wish to pay tribute to Barrington who has led the Board so impressively – particularly during the dark days of the pandemic when morale could have dipped, but never did.
“His contribution to MHA’s achievements over the most successful period in our history, including numerous award wins, will never be forgotten.”
Barrington Billings, chair of the MHA, said: “I am so pleased to welcome Rupert to the role, which I regard as one of the best in the country.
“Manningham Housing Association has become such an integral part of my life over the past number of years.
“The dedication and commitment of my Board colleagues and staff is second to none. They do what they do to make lives better and succeed in that task every single day.
“I wish them and Rupert the very best of fortunes for the future.”
Halifax agricultural engineering firm makes dairy swoop
Halifax, West Yorkshire-based Clapham Agricultural Engineering has acquired Yorkshire-headquartered dairy engineers Harry Travis in a deal which will support growth for both businesses.
The acquisition allows both companies to develop and innovate their product range and services.
Clapham Agricultural Engineering offers a full range of onsite and workshop-based agricultural engineering services throughout Yorkshire including servicing, repair work and emergency repairs. The company also provides sales and services from its recently awarded Deutz-Fahr tractor dealership.
With a head office in Ripponden, near Halifax and a branch in Otley, West Yorkshire Harry Travis has been established for almost 70 years and is well respected in its field. The dairy engineers supply products and services to the milk production sector on a national scale and are main agents for Fullwood milking parlour systems.
Ed Clapham, Managing Director of Clapham Engineering, said: “It has been an exciting few years for Clapham Engineering and the opportunity to acquire Harry Travis made perfect sense. The synergy of the businesses and the additional services we can now offer as a one-stop shop is amazing.
“Our offering, certainly in the north of England is unmatched and I, together with my team are excited to move forward and develop the business further.
“The farming sector, milk industry and small holders community will benefit from our expertise, rapid response and commitment to service. Whether a milking parlour requires a complete overhaul, a tractor is in need of urgent attention or you simply need a pair of new boots, our team will be delighted to help.”
Halifax-based asset advisory firm, Walker Singleton, provided the valuation advice over the plant and machinery, stock and vehicles.
Walker Singleton director, Dan Hey, said: “It was a pleasure to be involved in this project, working alongside both Ed and Mark together with legal firm Wilkinson Woodward allowing for a seamless transaction.
“We wish Ed and his team all the very best for the future and look forward to seeing the business grow.”
J.R. Rix & Sons names new Managing Director
Hull family business J.R. Rix & Sons has appointed James Doyle as its new Managing Director.
Mr Doyle, who joined the company in 2007, takes over the top role from Rix stalwart Rory Clarke, who was been Group Managing Director since 2017.
During his tenure, Mr Clarke has presided over the biggest period of expansion and diversification in the company’s 150 year history.
He will remain as a non-executive director of the business to continue supporting the Board, and to assist the next generation of the Rix family on their ongoing integration.
Tim Rix CBE, Chairman and Chief Executive of J.R. Rix & Sons, paid homage to Mr Clarke, who officially stepped down on October 1.
He said: “Rory’s story at Rix is a truly inspirational one. He arrived to establish a proper credit control department in 1991 – a gigantic job which was not for the faint-hearted.
“He took on the challenge and thrived which led to his involvement in just about every aspect of the Rix organisation, making sure we got paid.”
In 2003, Mr Clarke was appointed as Managing Director of Rix Petroleum which he grew from a local supplier into a national business with depots from Grangemouth to the Thames, and from Norfolk across to Cheshire.
As Managing Director of J.R. Rix & Sons, he has been instrumental in transforming the group from a traditional family business into a diverse company involved in fuel deliveries, shipping, renewable energy, manufacturing holiday homes, and with a significant property portfolio.
Mr Rix added that the Rix business is all about the people who work in it.
“Rory’s story shows how it is possible to rise through the ranks and excel at the highest level,” he said.
Mr Doyle initially joined the business as Managing Director of Rix Shipping in 2007.
In 2019, he became Chief Executive of Victory Leisure Homes and has worked closely with the Board in managing and developing all aspects of the wider group.
He said: “It is a source of huge personal pride to be taking over the role of Managing Director at J.R. Rix & Sons. I have worked alongside Rory for many years and I have to say, his are going to be very big shoes to fill.
“I’m taking over the Managing Director’s role at a highly prosperous point in the company’s history, and much of that is due to Rory’s tremendous contribution over the past 32 years.”
Mr Clarke said he was sad to be stepping down as Managing Director, but was confident the business remained in very safe hands.
He said: “James has been actively involved in the management of the business at group level for a number of years, and is the perfect choice to succeed me.
“I’m looking forward to supporting him and the wider Board in my new role of non-executive director.”
