Chancellor announces pension scheme reforms
Chancellor Jeremy Hunt has announced pension fund reforms in a move he anticipates will boost British business and increase returns for savers.
The changes mean:
* By 2027 DC pension funds will disclose their levels of investment in British businesses, as well as their costs and net investment returns.
* Pension funds will be required to publicly compare their performance data against competitor schemes, including at least two schemes managing at least £10 billion in assets.
* Schemes performing poorly for savers won’t be allowed to take on new business from employers, with The Pensions Regulator and Financial Conduct Authority having a full range of intervention powers.
Mr Hunt says that by ensuring pension funds publicly disclose where they invest and the returns they offer, it will make it possible for employers and savers to compare schemes and make informed choices. The government is embarking on Value for Money pension fund reforms to improve outcomes for savers and consolidate the DC pensions market. The reforms will ensure that pension managers are focused on securing good returns for savers.
The plans are subject to a consultation by the Financial Conduct Authority and build on the Government’s Mansion House compact, that encouraged pension funds to invest at least 5% of their assets in unlisted equity.
Chancellor Jeremy Hunt said: “We have already started on a path to drive growth, unlock capital for our most promising companies and improve outcomes for savers – and these new rules mean employers and savers can see how their money is invested and how the returns compare to other schemes.”
Gelder Group boss uses silver spade for ceremonial start on cinema
Gelder Group Chief Executive Officer Steve Gelder has used a silver spade to break the ground in a symbolic gesture, signalling the start of work on a £9m Savoy cinema in Gainsborough.
He said: “Having been born and brought up in Gainsborough, I am absolutely delighted that we have been awarded the contract to build the exciting new cinema.”
West Lindsey District Council and Savoy Cinema announced that local construction company the GelderGroup have secured the contract to build the state-of-the-art complex in the Market Place.
The development will deliver a four-screen cinema complex, restaurant, retail units and car parking provision in Gainsborough Town Centre. It is funded through contributions from the Council, the Greater Lincolnshire Local Enterprise Partnership, the governments Levelling Up Fund and Savoy Cinemas.
“I am passionate about seeing the town develop and grow in prominence in the years ahead. I am confident that the new cinema will provide an important focus point in the Market Place and have the power to bring many more visitors into the town.”
Savoy Cinemas MD James Collington said: “Today marks a significant milestone in developing our new state-of-the-art cinema, bringing us a step closer to unveiling the Savoy Experience in Gainsborough. We are looking forward to delivering excellent films, entertainment, and cutting-edge cinematic technology in the town centre for the local community and surrounding areas to enjoy.”
Leader of West Lindsey District Council Trevor Young and Gainsborough ward member said: “Today we are not only breaking ground on the physical construction of the site, but together with Savoy Cinemas, we are looking forward to working with Steve Gelder and his team, an award-winning construction company based right here in West Lindsey.
“The cinema is the anchor project in our Thriving Gainsborough 2024’ regeneration programme and it demonstrates our continued commitment to deliver for the people of loop Gainsborough and surrounding area. This will bring a much-needed leisure offer to the town centre and significantly contribute to the town’s local economy, increasing footfall, dwell time and spend.”
Morgan Sindall starts work on Freshney Place healthcare project
Contractor Morgan Sindall has started converting five units in Grimsby’s Freshney Place Shopping Centre into a bespoke Community Diagnostic Centre that will help to transform healthcare in North East Lincolnshire.
Once complete, the centre will offer around 150,000 additional diagnostic appointments a year to patients at a convenient, central location, rather than travelling to a hospital site.
Due to open to patients in autumn this year, it will be able to offer a range of services, including ophthalmology, non-obstetric ultrasounds and a mix of pathological and physiological tests, such as ECGs and X Rays.
Now the demolition phase is under way, and details of the plans are on display within the shopping centre, Leader of North East Lincolnshire Council, Cllr Philip Jackson and Deputy Leader Cllr Stan Shreeve, who is also the Portfolio Holder with responsibilities for Health, Wellbeing and Adult Social Care, joined NHS project leads for a tour of the facility.
They were guided around the site by Ivan McConnell, Group Director Strategy and Partnership at Northern Lincolnshire and Goole Hospitals NHS Foundation Trust; Mark Edgar, the Trust’s Associate Director of Estates Projects; and Helen Kenyon, North East Lincolnshire Place Director for Humber and North Yorkshire Integrated Care Board (ICB).
Mr McConnell said: “It’s been a pleasure to take Cllr Jackson and Cllr Shreeve around the site today and explain more about our exciting plans for the site.
“It was also great to see so many members of the public stopping to read our information boards and find out more about the benefits this new centre will provide.
“Having this new facility and the capacity to conduct so many additional tests will be incredibly beneficial to the health of people across the area, as it will help us to detect and treat serious conditions such as cancer, heart disease, and respiratory conditions.”
Pet treat supplier secures additional £850k in private equity backing
Pet treat supplier, Sniffers Pet Care, has secured £850k in follow-on funding from Traditum Private Equity, following an initial investment of £1.75m by the West Yorkshire-based private equity house in September 2022.
Sniffers, which is based near Halifax, supplies natural pet treats for customers including Pets at Home and Jollyes under its challenger brand NAW, which was successfully launched in 2023.
The funding will enable Sniffers to accelerate production at its site in Elland and deliver an incremental uplift of £3.3m in annual revenue.
The business has experienced rapid growth in the past 24 months, with a 40% year-on-year increase in turnover and an 85% growth in headcount in the last 12 months, taking full-time employee numbers to 37.
The first round of funding enabled Sniffers to expand operationally and scale manufacturing and distribution capabilities. It also invested heavily in building its own IP through the re-brand of its natural dog treat brands, Buffalo and Walter Smith, to NAW, which stands for No Animal Wasted.
The range is made from 100% air-dried animal parts which would usually go to waste and is now stocked in large chains such Ocado, as well as a range of independent and specialist retailers. The brand will be showcased at Crufts next month in front of 250,000 entrants.
The latest round of funding has been supported strategically by Sniffers’ senior leadership team, which includes chief financial officer Peter Harrison and non-executive directors Tom Page, and George Page. The brothers were appointed in 2023 to provide both marketing and operational expertise, drawing on their extensive industry experience acquired at family firm, Inspired Pet Nutrition.
Speaking about the investment, Simon Brown, CEO of Sniffers Pet Care, said: “The follow-on funding from Traditum is a real endorsement of our plan and the launch of our brand NAW last year.
“It will enable us to accelerate our growth in 2024 and make a real impact in the pet market with some exciting launches ahead.”
Iain Marlow, head of investments for Traditum, said: “Following on from our investment into Sniffers in 2022 the business has successfully launched the NAW brand, expanded the senior management team and entered into new distribution channels, which have delivered transformational growth for the business.
“At Traditum we seek to invest in and support exceptional management teams and we could not be prouder to support Simon Brown and his whole team at Sniffers. We are delighted to be able to provide further funding to the business to support continued growth in what are exciting times for the business.”
Traditum was supported with legal advice from Paul Johnson and Nina Latham of law firm Mills and Reeve. Jonathan Simms, Hitesh Tailor and Jonathan Schneider from Clarion Solicitors supported Sniffers Pet Care.
Community, Arts, Heritage and Future Technology Centre approved for historic Saltaire
“Once in a generation” plans have been unanimously approved for a new £6m Community, Arts, Heritage and Future Technology Centre in the heart of Saltaire.
The new centre, which is being Government-funded through the Shipley Towns Fund, will benefit both local people and visitors, and is being delivered by Shipley College and the Saltaire Collection.
The building, which will be located at the corner of Victoria Road and Caroline Street on land provided by Bradford Council, will provide additional classroom and administration space to support Shipley College, for technology-based teaching and learning.
It will also become the new home for the Saltaire Collection – a large collection of historic artefacts and documents. There will be a public exhibition space and community classroom to enable people to learn more about the history of Saltaire.
Alongside five modern new classrooms, the plans include a civic garden to the front of the building and a publicly-accessible rooftop exhibition garden – intended to be open during the daytime.
The new building reinstates a civic function where Saltaire’s now demolished Sunday School’s building once stood. It has been designed to complement the sensitive historic context of Saltaire without harming the heritage attributes that make up the World Heritage Site’s outstanding universal value.
It will add to the ensemble of civic buildings and spaces on Victoria Road and create a welcoming and accessible exhibition pavilion and gardens. The design has been developed to retain key views to Salts Mill and most of the new accommodation is set below street level around a sunken courtyard.
Councillor Alex Ross-Shaw, Bradford Council’s Portfolio Holder for Regeneration, Transport and Planning, said: “This is a once in a generation opportunity to enhance Saltaire for the future. It is important it is done to an extremely high standard and in a sensitive way which respects the history of this very special place, and the plans certainly reflect that.”
Adam Clerkin, Chair of the Shipley Towns Fund, said: “We are thrilled the Towns Fund has been able to support this incredible project which will deliver so many development opportunities for local people and visitors alike.
“The approval of this the latest Towns Fund project, again underlines what can be achieved when public-funded projects are considered from a local viewpoint.”
The design and development ran alongside public engagement and consultation, as well as guidance from the Council’s planning authority and Historic England, to ensure the plans protect the Outstanding Universal Value of Saltaire.
Diana Bird, Principal at Shipley College, said: “The new building will provide modern teaching facilities to teach local people in-demand technological skills. It will create new public green spaces, and a permanent storage and exhibition space to tell the story of Saltaire to visitors – something that our village does not currently have.”
Maggie Smith, Trustee of the Saltaire Collection, said: “Our collection provides a unique insight into the lives of Saltaire residents and workers since its foundation in 1853, covering the many dramas and changes from the village’s early days until today. We are so excited that, after many years of commitment from our marvellous volunteers and researchers, we will soon be able to share these stories with everyone.”
The plans also include new modern public toilets and changing facilities, which were a core requirement of Shipley Town Council, one of the project stakeholders.
Premier Technical Services Group makes first overseas acquisition
Niche specialist service provider, Premier Technical Services Group Ltd (PTSG), has acquired Flame Control, a large fire solutions firm that operates across the Netherlands.
Flame Control, which is based in the municipality of Harderwijk, specialises in fire alarm systems, first aid, evacuation, extinguishing systems and extinguishing agents. With a team of 40 specialists, the company works extensively across the Netherlands, seven days a week to improve fire safety in businesses and residential properties.
Paul Teasdale, Executive Chairman at Castleford-based PTSG, said: “We are thrilled to announce a significant milestone in the ongoing growth of PTSG as we embark on our first overseas acquisition.
“This strategic move represents a major step forward in our expansion efforts and underscores our commitment to creating an even stronger platform for growth. It aligns seamlessly with our long-term strategic vision and allows us to expand our market reach into Europe as well as offering our other services in a wider geographic context.”
PTSG works on buildings in all industry sectors nationwide and overseas to keep them fully operational, accessible, safe and compliant. The company’s specialist services solutions include façade access and fall arrest equipment, lightning protection testing and electrical compliance, building access cleaning and maintenance, fire and security solutions and water hygiene and treatment.
Nikhil Varty, Chief Executive at PTSG, said: “Through our 2,700 highly trained people, we are committed to maintaining the highest standards of safety, quality, technological innovation and customer service. The addition of Flame Control to our fire solutions portfolio further reinforces our growth ambitions as we aim to deliver excellence in all aspects of our business.”
PTSG Netherlands will be overseen by Flame Control’s founder and CEO, Rodny Bosma, who believes that the collaboration is “a smart first move into Europe by PTSG,” with legislative systems and requirements being very similar and in a country that has a population of more than 17 million people of which up to 93 per cent speak English.
As part of the deal, Rodny has invested back into the newly formed business and is charged with driving the company’s growth in the Netherlands, across Europe and in the Nordic regions.
Nikhil concluded: “We extend a very ‘warm welkom’ to Rodny and his very talented team and we look forward to collaborating closely with them as we embark on this exciting journey. Together, we are poised to achieve new heights of success, keeping people safe as well as creating unparalleled value for our customers, our people and our stakeholders.
“We express our gratitude to all who have contributed to this milestone achievement and remain committed to driving sustainable growth and success in the years ahead.”
Sheffield graduate named as rail industry’s Young Professional of the Year
Sheffield Hallam University degree apprentice Fran Coult has been awarded Young Professional of the Year at the Rail Business Awards 2024.
Now working as a Supply Chain Apprentice at Alstom, Fran, pictured above, won the award which recognises the most outstanding employee under 35 within the UK rail industry.
Despite being the youngest entrant in the category, the judges commented on both the breadth and depth of Fran’s work, along with her willingness to adapt, learn and inspire. Fran works across multiple facets of the rail company’s supply chain including logistics, customer service, improving working practices, and driving efficiencies. During her time at Alstom, she has developed a new operational strategy that led to the company investing £3 million to improve delivery performance.
Fran said: “I am honoured, and it is a fantastic recognition of the achievements I have made since I joined this amazing industry. Dealing with different challenges and stakeholders, my personal and professional development with Alstom throughout my apprenticeship has been vast. I look forward to continuing to shape my career in rail and push for further positive changes across equality, diversity and inclusion within the industry.”
Alison Knight, Head of Talent at Alstom, said: “Fran’s thirst for knowledge, passion for rail, ability to troubleshoot and resolve complex challenges, and dedication to creating positive change is truly inspiring. She has already achieved much more than is expected from an apprentice and is a great role model to those around her and to future cohorts of trainees.”
Drax reveals operating profit of £796m
Drax Group made an operating profit of £796m in the year to December 31st 2023, according to figures just out, up from £78m in the previous year/
Will Gardiner, CEO of Drax Group, said the company performed strongly in 2023, remaining the largest single provider of renewable power by output in the UK, creating a business playing an essential role in supporting energy security.
He said: “Policy support for our UK BECCS project continues to progress and we remain in formal discussions with the UK Government to ensure Drax Power Station can play a long-term role in UK energy security, creating thousands of jobs during construction and helping the country reach Net Zero.
“We have made further progress in our ambition to be a world leader in carbon removals and have visibility of high-quality, long-term earnings to 2042 and a strong balance sheet which supports returns to shareholders and investment in growth, both in the UK and internationally.”
Businesses to be given chance to grill South Yorkshire mayoral hopefuls at hustings event
Candidates aspiring to be the new-look Mayor of South Yorkshire are to face a grilling from the area’s businesses, Chambers of Commerce, the CBI, and the FSB at a hustings event in April.
Its happening because although current Mayor Oliver Coppard is barely half way through his term of office the role is being expanded to to take on additional Police and Crime Commissioner powers
Encouraging businesses and prospective candidates to attend this event, Dan Fell, Chief Exec of Doncaster Chamber, said: “It’s vital that our region’s Mayor be attuned to the needs and wants of the local business community. After all, they will play an instrumental role in shaping South Yorkshire’s infrastructure and economy in the years to come.
“Now that they are also taking on Police and Crime Commissioner responsibilities, they will no doubt be instrumental in tackling issues like antisocial behaviour, theft, and cybercrime, which we know to be major concerns for many of our members as well.
“With that in mind, this hustings event is a great opportunity for businesses to really get a feel for the prospective mayors and to make sure their voice is being heard by them too. Meanwhile, for the candidates themselves it is a chance to find out what’s important for their future constituents and how they can better represent them. We are therefore urging businesses and candidates alike to attend, so that the conversation here can be as productive as possible.”
Organised in partnership between the three South Yorkshire Chambers, FSB, CBI and Make UK, the hustings will take place on Friday the 19th of April, starting at 9am.
Rushbond adds landmark Harrogate office building to growing commercial portfolio
Yorkshire-based property company Rushbond PLC has acquired The Exchange in Harrogate, a landmark ten-storey office building located in a prime location above the town’s train station.
The acquisition is part of Rushbond’s strategic plan to grow its portfolio of well-located, best in class commercial assets in Yorkshire, having also recently purchased the iconic Bank House in Leeds – the former home of the Bank of England.
The Exchange building, which dominates the town centre skyline, is one of the few Grade A office developments in the town centre.
The building is currently home to a wide range of businesses from software development companies to law firms and architecture practices, and also features two retail units on the ground floor.
Rushbond will now undertake a programme of renovations to the building and the few remaining vacant suites – which range between 765 sq ft to 5,300 sq ft – with a focus on upgrading the specification of the interiors and improving energy efficiency.
This is the second recent major investment in the town for the property company, which recently announced work starting on site to transform Harrogate’s Herald Buildings – the former headquarters of the Harrogate Advertiser – into a new retail and apartment scheme.
Richard Baker from Rushbond said: “The Exchange building represents an incredible asset management opportunity for Rushbond. There is no better address for businesses wanting to locate in central Harrogate, with stunning views across this beautiful spa town and countryside beyond.
“The transport links are second to none and there are substantial onsite car and cycle parking provisions. We believe the planned programme of works will reinforce The Exchange’s attraction to a range of future occupiers who see the benefits of locating here in one of the most attractive towns to work and live in the UK.”
