Business News

French energy firm Engie has submitted plans to build an anaerobic digestion facility near Sherburn-in-Elmet which will take farm waste. The facility is proposed for land to the east of the A162, Bond Ings and would sit alongside the existing Low Farm anaerobic digestor, along with new woodland planting. If developed, it could take agricultural feedstocks and wastes from local farms and produce gas. Engie says that as well as green gas production, the site will work with local farmers to provide a regular source of income and reduce their carbon footprint. It will also produce a byproduct known as digestate – a natural fertiliser. The plans come following a consultation with the local community and stakeholders this autumn. Stuart Rennie, managing director of Renewable Gases UK at Engie, said: “Farm waste in the local area is currently largely spread to land which releases carbon into the atmosphere. Our plans would instead see it used to generate a local supply of green gas which is all part of our national mission to make farming more sustainable and support the UK’s decarbonisation journey. “Over the last few months we’ve been out talking to the community, and we’ve had lots of positive feedback. We’ve worked hard to develop a really robust planning application which is supported by various technical assessments that show how the facility will be operated without impacting on the local area. The facility will create local jobs and support projects in the community through a dedicated Community Benefit Fund and we’ve already had some really useful suggestions of local causes we could support.” Engie says the proposal is in line with the UK’s net zero carbon emissions target of 2050, and North Yorkshire Council’s Climate Change Strategy. The firm already operates anaerobic digestion plants in the South West where it supplies green energy to local homes and businesses. Original artice – https://business-live.co.uk/all-about/yorkshire-humber

Eco-tech firm myenergi and Grimsby Town Foundation have launched a £30,000 fund to give financial support to social, environmental and economic initiatives in North East Lincolnshire. The fund, which is split into six pots of £5,000, is intended to support programmes that may promote or address the interests of those in need, that protect the environment or promote development. Its organisers say it celebrates the hard work of individuals, businesses and charities across the area. The charitable initiative is now in its third successive year, and timed for the 2024/25 English Football League Two season, with six beneficiaries to be chosen. A launch event will take place at Grimsby Town Football Club on January 13, from which point applications are open until February 10. Jordan Brompton, co-founder and CMO of myenergi, said: “Since first launching the mygrimsby fund in 2022, we’ve helped a number of important local charities expand their services and drive an even greater social impact. Providing financial support to underfunded initiatives has helped to build a sense of collaboration in the local area, bringing people together and helping to grow the community feel. “We’re proud to support the organisations that are doing something truly inspirational to give back to the local community.” Mike Thompson, community director of Grimsby Town Foundation, added: “We are honoured to continue our partnership with myenergi as we embark on the third year of the mygrimsby fund. The Grimsby Town Foundation has always been committed to bringing our community together, providing vital support to those who need it most and collaborating with myenergi to promote and distribute these funds to the charities and community groups that need it the most is unbelievably fulfilling. “We are excited to continue fostering a spirit of unity, empowerment, and positive change. Together, we are helping to create opportunities, improve lives and strengthen the bonds that make Grimsby a great place to live and thrive – the voluntary sector has a pivotal role in making this happen.” Original artice – https://business-live.co.uk/all-about/yorkshire-humber

Yorkshire housebuilder Stonebridge Homes has been fully acquired by construction and property group Henry Boot in a multi-stage deal worth up to £65m. The move means the Leeds-based developer, which operates across Yorkshire and the North East, has come under Henry Boot’s full control after bosses at the £359m revenue group exchange contracts to acquire the 50% of shares it does not already own from its joint venture partner which is owned by Stonebridge boss Darren Stubbs. Under the agreement, Henry Boot will pay £30m across three fixed payments between January 2025 and January 2030. The total purchase price is linked to the performance of Stonebridge over that period and is capped at £65m. Henry Boot called the deal a “compelling opportunity” to acquire a high growth business and pointed to Stonebridge’s progress since its inception in 2010 – reporting increased output of an average 25% per year over the last decade. It said that over the five years to the end of December 2023, revenue and operating profit have more than doubled at the housebuilder, reaching £94.4m and £5.9m respectively. Last year Stonebridge completed 251 properties and expects to deliver 275 this year with total current orderbook of £20m. It has ambitions to build 600 each year, in the medium term. Henry Boot says its balance sheet stands it in good stead to fund and accelerate Stonebridge’s growth Tim Roberts, chief executive officer of Henry Boot, said: “This transaction represents an important strategic milestone for Henry Boot, allowing us to acquire full ownership of a high growth builder of premium residential homes that we already know well through our existing 50% share in the business. The acquisition of Stonebridge also further cements our position in the UK housebuilding sector, a market which currently benefits from a number of supportive structural and political tailwinds, while at the same time simplifies Henry Boot’s structure. “The consideration is performance linked, and the phased structure is designed to generate strong returns whilst maintaining gearing within our optimum range of 10-20%. All of this gives us confidence that this transaction will help drive enhanced shareholder value over the medium term and will be a significant part of our plans for growth.” Henry Boot says the purchase of Stonebridge will contribute to group return on capital employed, and will boost earnings in the medium term. Original artice – https://business-live.co.uk/all-about/yorkshire-humber

National World, which owns esteemed titles such as Yorkshire Post and The Scotsman, is poised for a lucrative investor payout following a buyout agreement that pegs the company’s worth at over £65 million. Irish media enterprise Media Concierge, already possessing a 26% holding in National World, initially lodged a bid valued at £56.2 million in November, as reported by City AM. This initial offer marked a hefty 40% premium on National World’s share price as of close on Thursday, 21 November. The fresh proposition, endorsed by National World’s directors, offers a generous 53.3% premium and sets the firm’s ordinary share valuation around £65.1 million, reflecting fully diluted terms and outlining an enterprise value near £52.1 million. In line with the accord’s stipulations, shareholders in National World are to receive 23p per share in cash. Foreseen to finalize within the first three months of 2025, the agreement has assurances from Media Concierge to stave off “material” redundancies within editorial and production teams—a collective corresponding to some two-thirds of National World’s workforce. The group promises not to shutter any local journalistic enterprises. Yet, it cautions that “material job reductions in areas of overlap” might ensue between the merging entities in efforts to realize fiscal efficiencies post-acquisition. They conveyed that upon National World’s transition from public listing, roles linked to public company requirements may see downsizing. “However, Media Concierge has not yet developed any firm intentions in this regard.” National World has been a listed company on the London Stock Exchange since its debut in September 2019. The Leeds-headquartered news organisation oversees more than 100 newspapers and websites across the UK and is led by David Montgomery. In the first half of the year, National World disclosed a revenue surge from £41.6m to £48.8m, together with an uplift in pre-tax profits from £1.7m to £2.3m. For the full year, the company’s revenue advanced to £88.4m from £84.1m, conversely, pre-tax profit saw a decline from £5.2m to £3.1m. This breaking news has coincided with the public announcement of The Observer newspaper’s acquisition by Tortoise Media, following a successfully signed deal between The Scott Trust and Guardian Media Group (GMG). The transaction involves the purchase of The Observer by means of both a cash payment and shares, though the precise sum hasn’t been publicly revealed. In addition to the acquisition, a 5-year commercial agreement has been forged between Tortoise Media and GMG. As per this agreement, Tortoise will cover costs for printing and distribution services as well as promotional marketing through the Guardian. Meanwhile, The Scott Trust is poised to claim a 9% stake in Tortoise Media. Furthermore, it will be entering the fray alongside fresh and incumbent investors, injecting £5m into Tortoise Media as part of an overall £25m investment package. Like this story? Why not sign up to get the latest business news straight to your inbox. Original artice – https://business-live.co.uk/all-about/yorkshire-humber

A rescue deal has saved 90 jobs at Beverley decorating products maker Bartoline following its administration in the wake of a post-Covid slump in sales. Growing Paramount Retail Group has acquired the historic businesses in an £800,000 deal, with a promise to develop its product range. The move comes after administrators were called in to the 148 year-old firm following a change of leadership in October and amid reduced sales and high costs. Documents from the administration show Bartoline owed £9.5m. Paramount, which has revenue of more than £100m and owns other brands in the pet supplies, home improvement and confectionary markets, said the acquisition will safeguard the future of Bartoline as a cornerstone of the British DIY market. The firm is known for its range of adhesives, solvents and fillers and was acquired by private equity firm in 2021. It was around that time the firm started to suffer a post-Covid slump in sales, coupled with higher raw materials and labour costs. Those issues were exacerbated by the start of the war in Ukraine the following year, leading to an operating loss of £2.14m. Last year the firm narrowed operating losses to £942,077. Administrators at Alvarez and Marsal Europe LLP said: “The company has been unable to recover from the impact of the losses incurred in FY22 and the reduction in sales volumes following the Covid pandemic. As a result, over the course of FY24, it became increasingly challenging for the company to manage its cash flow position. “In October 2024, the previous directors exited and a new senior management team was appointed to run the business. Following an initial review of the business and operations, the new management team identified an immediate funding requirement, driven by overdue creditor balances, which was creating cash pressure within the business.” Paul Taylor, chairman of Paramount Retail Group, said: “Bartoline has been a trusted partner in countless home improvement projects over the past century, with a heritage and reputation for quality that make it an excellent addition to our portfolio. We’re proud to secure its legacy and look forward to driving its future growth through innovation and sustainability.” Ravi Sharma, executive eirector of Paramount Retail Group, added: “Bartoline has tremendous potential. By combining its 100-year heritage with our resources and expertise, we aim to create innovative, sustainable solutions that resonate with today’s consumers. DIY is becoming more accessible than ever, and we’re excited to champion Bartoline’s role in empowering both seasoned professionals and first-time decorators.” Original artice – https://business-live.co.uk/all-about/yorkshire-humber

A family firm is swapping dentistry for tourism, after snapping up a Yorkshire Dales camping and guesthouse business. Peter and Teresa Wakefield have acquired Colman’s of Aysgarth, a 1.7-acre site set within the Wensleydale hills of Aysgarth offering boutique guesthouse accommodation, a touring caravan park and campsite, as well as residential accommodation they will now turn into their new home. The deal – completed for an undisclosed sum – represents a career change for Mr Wakefield and their son Harry, who have until now worked as dentists. Peter Wakefield will be managing the guesthouse business while his son manages the campsite operations. Newcastle law firm Hay & Kilner LLP acted for the Peter and Teresa Wakefield on their acquisition of the business, based close to the village of Aysgarth, Aysgarth Falls and a number of walking and cycling routes. The site is set along the Herriot Way, a popular four day, 52 mile walk, which runs through the lower end of the property, and it has been recognised with several awards, including Best Certificated Site, Warmest Club Welcome and Family Friendly Site in 2019 and Warmest Club Welcome 2022 by the Camping & Caravanning Club. Hay & Kilner’s corporate team provided legal advice on the acquisition to the couple, acting simultaneously for them in the sale of their home, which was used to part-fund the transaction. Peter Wakefield said: “We are absolutely thrilled to be the new owners of Colman’s of Aysgarth. It’s a complete career change from our former life in dentistry but we’re looking forward to our new life in the country and welcoming guests to this beautiful part of Yorkshire. As keen motorcyclists we also hope to attract bikers in the future and offer local tours. “Thanks to the team at Hay & Kilner for their support in allowing us the opportunity to purchase this wonderful site.” John Morgan, partner at Hay & Kilner, said: “We are very pleased to support Peter and Teresa on both the acquisition of the business and sale of their residential property demonstrating the variety of services that Hay & Kilner can offer. “This sale demonstrates that the hospitality and leisure sector remains buoyant and the demand for businesses in the sector continues despite the challenges around operating costs. We wish them well for their new venture providing quality accommodation for the Yorkshire tourist and leisure economy in a stunning environment.’’ David Lee of Christie and Co advised the sellers and they were represented by Ian Barker and Karolyn Scott of BHP Law. He added: “We were delighted to help Matt and Clare Colman sell this fantastic business in a beautiful location. We wish the new owners Peter and Teresa every success with the business moving forward.” Original artice – https://business-live.co.uk/all-about/yorkshire-humber

Sheffield data firm Cirata has announced a deal worth around $2m with IBM which will support a top three US bank – its biggest contract since the firm restructured last year. The business – which also has offices in Newcastle, Belfast, California, China and Japan – said the live data migrator (LDM) contract is the biggest of its kind with IBM to date, and will start on December 31. Cirata said it sees the contract as the “next step” in its ability to provide long-term support to the banking customer as it builds out its data architecture and implements Cirata’s product “into one of the most demanding enterprise environments”. The firm said: “The LDM contract also represents the first transaction completed under the terms of the new OEM agreement to integrate Cirata’s LDM technology inside IBM’s Big Replicate solution, previously announced on 2 October 2024. This will be the largest value contract for LDM since the restructuring of the company in March FY23, the largest LDM contract to date in financial services and the largest implementation through the IBM Big Replicate platform. Following the deal announcement Cirata said it had withdrawn its financial year 2024 bookings guidance, due to some major customers opting for one-year terms rather than multi-year terms, as well as movement of pipeline opportunities and bookings from the end of this financial year into the first half of 2025. New guidance will be issued in its regular quarterly trading update. Stephen Kelly, CEO of Cirata, said: “Cirata has set itself the challenge of delivering its LDM product to meet the needs of the most demanding enterprise technology environments. The announcement of the LDM contract through IBM Big Replicate proves Cirata is well positioned to meet those needs. We look forward to shaping a long-term relationship with this top 3 US bank as they build out their data architecture in response to the rapidly changing AI and Machine Learning landscape. “The recent renewal of our OEM agreement with IBM set the stage for the closure of this LDM contract, and so the win itself is doubly important. It is not only the largest transaction in the Company’s history for LDM within financial services, it is also the largest implementation of LDM for Big Replicate through our highly valued partner IBM. “While today’s announcement is a clear signal of our technology’s capabilities and our own ability to build commercial trust, it is also a reminder that large contracts can make our business lumpy and that forecasting has indeed proved challenging. In parallel with the announcement of this new contract, Cirata withdraws its FY24 bookings guidance. This is mainly due to the LDM contract and one other contract being of a one-year rather than a multi-year term and the movement of pipeline opportunities and bookings expectations from Q4 FY24 to H1 FY25, which has caused a sufficiently wide variation to expected outcomes for bookings. Our focus continues to be on the long-term potential of our support for this top US bank, our partner IBM and our other customers. “I thank our colleagues for getting us towards the end of the recovery phase of the company. We inherited a broken business from a peak annualized cost base of $45m per annum to a company exiting FY24 with a cash overhead of circa $20m per annum. Our cash burn in Q1FY23 was an unsustainable $11m per quarter and as we exit Q4, Cirata will be on a path towards cash flow breakeven. “That adjustment has involved more than halving the workforce, with all the trauma that entails. However, our colleagues are responding to that challenge by building and hardening a differentiated product and selling successfully into one of the most demanding environments in IT. The Data Integration product performance has improved from -87% decline in Q1FY23 to 180% growth in the last reported quarter, Q3FY24. “Tomorrow, we roll up our sleeves and go again as we seek to close out further opportunities in Q4 and move into the Growth phase from FY25”. Original artice – https://business-live.co.uk/all-about/yorkshire-humber

Henry Boot is set to build industrial developments worth £1bn across the UK after forming a joint venture with an investor. The group’s Henry Boot Development (HBD) has formed the partnership with Feldberg Capital which will be known as Origin, with the Yorkshire firm taking a 25% stake, amid moves to become a leader in the development of ‘mid box’ industrial and logistics schemes. Origin will be seeded with an initial portfolio of three sites, in Walsall, Welwyn Garden City and Markham Vale – a development pipeline worth £100m. At the Spark scheme in Walsall, Henry Boot will create a 13-acre development site with a £53m gross development value )GDV), just off the M6. Spark has full planning consent for phase one, which comprises two units totalling 270,000 sqft. In Welwyn Garden City the firm will work at Inter, a three-acre development site with a £27m GDV near Junction 4 of the A1(M). The site has detailed planning consent for a 71,000 sqft scheme. At Markham Vale in Hertfordshire, the Ark scheme is a nine-acre development site with a £19m GDV and planning consent for four units totalling 107,000 sq ft. This marks the second phase of HBD’s 200-acre flagship scheme at Markham Vale. The partnership will draw on both HBD’s development pipeline as well as acquire sites from third parties for further pre-let and speculative industrial and logistics development. For each project, development finance will be procured from an external lender. The aim, subject to market conditions, is to deliver around £1bn of high quality schemes across the UK over the next seven years. Tim Roberts, CEO at Henry Boot, said: “The launch of this new industrial and logistics platform with Feldberg Capital is an important transaction for Henry Boot, allowing us to partner with a first-class international investor with the funds and ambition to invest alongside us into one of our key sectors. At the same time, it enables us to accelerate our own £1.3bn industrial and logistics pipeline and in turn recycle capital more efficiently. We now look forward to fulfilling our significant ambitions for Origin alongside the team at Feldberg.” David Turner, managing partner at Feldberg Capital, said: “Having held back from the industrial and logistics market while assets looked overpriced, we believe now is a highly attractive entry point, with land values having come down over the last 24 months and entry yields being at more sustainable levels. The positive tailwinds within the sector remain, driven by structural trends including the continued growth of e-commerce and more firms serving the UK market looking to ‘onshore’ their production here in the face of a shifting regulatory and geopolitical backdrop. “Our aim is for Origin to become a market leader in the mid-box space. We’re excited to be working together with HBD, using our tried-and-tested ESG framework to deliver the next generation of units for modern, environmentally responsible occupiers, and driving strong risk-adjusted returns for our investors in the process.” Original artice – https://business-live.co.uk/all-about/yorkshire-humber

Payments tech firm Card Industry Professionals has been acquired by New York Stock Exchange-listed Shift4 in an undisclosed deal. The Northern Powerhouse Investment Fund (NPIF)-backed business has become part of Shift4’s global operation which processes $260bn of transactions annually. The deal represents an exit for Mercia Ventures, which backed the firm in 2022 to the tune of £850,000 using NPIF and Midlands Engine Investment Fund money. Card Industry Professionals was launched in 2017 by young entrepreneur Ciaran Savage, who was joined by his month, Lyn Savage as operations director and John Selby as sales director. The Aylesby-based firm now employs 20 people and has a network of more than 150 sales agents, and processes more than £60m of transactions each month. Ciaran Savage, founder and managing director, said: “We are excited to be joining the Shift4 family. We are committed to upholding the company values and best-in-class service customers have come to expect from us and are confident that this acquisition will allow us to improve upon those service levels, while offering even more value in the form of new benefits, incentives and product offerings.” Maurice Disasi of Mercia Ventures added: “We’re delighted to have supported CIP on its growth journey. Ciaran and the team have built a business with first-class customer support and Shift4 now has the benefit of adding a strong and well-respected team here in the UK as part of their global operations. We wish the team continued success.” Debbie Sorby, senior manager at the British Business Bank, said: “Since receiving funding from the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund, Card Industry Professionals now provides 20 roles in Grimsby, as well as processing over £60m of transactions each month. This exit is a brilliant example of how our regional funds play a role in the growth journey of businesses, unlocking innovation and supporting job creation and international growth.” Original artice – https://business-live.co.uk/all-about/yorkshire-humber

Two businesses belonging to Hull-based Sewell Group are to be merged to create a 60-strong consultancy with offices across the north of England. Hessle-based Shared Agenda and Leeds firm Community Ventures will merge from January to create Sewell Advisory, providing estates consultancy from offices in East Yorkshire, Leeds, Stockton, Nottingham and Manchester. As part of the £56m turnover Sewell Group, both employee-owned businesses have already been working together on some projects and the decision to merge is intended to spur growth. Sewell Advisory will specialise in strategy, development and management of public sector estates, with focus on the health, social care and education sectors. Shared Agenda and Community Ventures have recently worked on infrastructure strategy for NHS Greater Manchester, delivery of a new GP practice near Darlington and delivery of a capital programme to upgrade mental health in-patient facilities for Humber Teaching NHS Foundation Trust. The merger, which takes effect from January, means Community Ventures chief executive Emma Bolton will become CEO of Sewell Advisory with Shared Agenda chief executive Tim Wigglesworth becoming director of partnerships across the wider Sewell Group and continuing as chief executive of Hull Citycare. Sewell Advisory will manage an estate portfolio of around 150 properties, with a combined value of over £250m. Ms Bolton said: “Our team of over 60 experienced consultants and estates professionals will put us on a par with some of the biggest consultancies in the country, and means we can take on larger projects, more long-term partnerships, and use our wider team to offer even more value, technical expertise and fresh perspectives for our existing customers. “It’s a really exciting time for our staff and clients, and we can’t wait to unlock new estate improvement opportunities for our health and education sector clients. This merger shows we’re a key player in the estates consultancy industry and we’re looking forward to seeing what the future holds.” Original artice – https://business-live.co.uk/all-about/yorkshire-humber