Author: Sam Allcock

A new development in Tyldesley aims to improve the local transport infrastructure while reducing congestion. The introduction of over 100 additional parking spaces is expected to ease on-street parking struggles, benefiting both commuters and retail customers. This initiative is seen as a key step towards revitalising the town centre by making it more accessible and shopper-friendly.Strategically located at the Tyldesley Travel Hub, this project is set to not only resolve parking issues but also bolster security and convenience with features like CCTV and parcel lockers. By the end of 2025, the local community and businesses anticipate significant improvements in their…

In a significant turn of events, the Swindon-based Formula One supplier, Retrac Group, has been successfully acquired by Evtec Fab, a company situated in Coventry. This transaction came in the wake of Retrac’s recent administration issues, a move that has effectively safeguarded the jobs of 110 employees situated in Wiltshire. It represents a positive outcome for the employee-owned business.Retrac Group, previously known for manufacturing critical components for automotive, aerospace, and motorsport giants, faced tough financial challenges. The acquisition by Evtec Fab not only secures the company’s operational future but also stabilizes an important supplier within the industry. This strategic purchase…

HSBC’s new chief executive, Georges Elhedery, has publicly refuted claims suggesting the bank’s ongoing restructuring is a step towards a split. It’s an ambitious move aimed at enhancing organisational simplicity and agility. Following recent financial disclosures, these changes seek to streamline operations across regions.Scheduled to launch next year, the reorganisation separates the bank into distinct Eastern and Western divisions, reflecting shifting global dynamics. Elhedery emphasises that the goal is to empower HSBC’s frontline employees and hasten decision-making processes. The new structure is designed to deliver better customer experiences across global markets.Strategic Changes and Their ImplicationsHSBC’s global overhaul plans were outlined…

Leading a charge to enhance investment in female-led enterprises, the Lifted Project unveils its new Birmingham board. This initiative is part of a broader effort to recalibrate the investment landscape in favour of women outside London. The project’s aim: increase accessibility and support for entrepreneurial women. Spanning five years, the programme is part of a government recommendation to boost investment in women-led businesses.A regional board has been formed to spearhead this mission in Birmingham and the West Midlands. The board is jointly chaired, representing both Birmingham and London influences in its leadership. The Lifted Project is making significant strides, inspired…

Katy Sue Designs, a renowned crafting company from South Shields, marks a significant transition by returning to full ownership. This strategic move, initiated by founder Sue Balfour, comes after a successful share buyout from former chairman and investor Neil Stephenson. Such a development underscores the company’s growth trajectory and future ambitions.Having initially started with miniature porcelain dolls, Katy Sue Designs has since expanded its product range. The firm’s offerings now include diverse crafts such as cake decorating supplies and silicone moulds, featured on shows like The Great British Bake Off. Exporting to global markets, Katy Sue Designs continues to bolster…

The latest research by R3 highlights a concerning rise in unpaid invoices burdening businesses in the North East. A staggering 482,000 overdue invoices were recorded in the third quarter of 2024. The analysis, based on data from Creditsafe, illuminates the financial pressure these businesses are enduring.Insolvency experts are sounding alarms about the escalating strain these unpaid bills are placing on companies. With a 6.8% increase in unpaid invoices compared to last year, it’s a clear indication of the challenges faced. The study showcases the financial instability many firms are grappling with, as rising costs continue to impact profits.Escalating Invoice ChallengesThe…

Fatface, a well-known fashion retailer, finds itself facing a challenging financial climate following its acquisition by industry giant, Next. The company has experienced a noticeable shift from profitability to losses attributed mainly to the exceptional costs associated with the takeover. Despite these fiscal challenges, Fatface’s strategic focus on core operations and market expansion paves the way for future success.In the past 35 weeks, leading up to January 2024, Fatface has navigated through both external and internal pressures, striving to maintain its market resilience. Under the leadership of CEO Will Crumbie, the company has concentrated on enhancing its product offerings and…

The renowned research consultancy Kada has expanded its presence in the UK by opening a new office in Gateshead. This strategic move enhances their engagement with the North East, a region already familiar with Kada’s impactful work.Situated in the heart of Gateshead’s Baltic Quarter, the new office is set to facilitate closer collaboration with local authorities. This expansion is expected to create new opportunities for economic growth, aligning with Kada’s commitment to delivering evidence-based insights.Introduction to Kada’s Expansion into GatesheadResearch consultancy Kada is making significant strides in the UK by choosing Gateshead as the location for its second office. The…

SRT Marine Systems has achieved a significant milestone by securing a £31 million finance package from Ocean Infinity, a US-based shareholder. This deal promises to support the company’s ambitious contract valued at £213 million. The funding is set to enhance SRT’s capabilities, allowing for the launch of new contracts that aim to transform the maritime surveillance industry.The financial boost includes both equity and bridging finance, which will facilitate SRT Marine’s expansion into new projects. With Ocean Infinity’s CEO joining the board, this investment underscores a strategic partnership aimed at capitalising on future opportunities in the maritime sector. This collaboration is…

In a surprising development, South Korea is contemplating a change in its defence policy. South Korean President Yoon Suk Yeol has hinted at the possibility of supplying weapons to Ukraine. Historically, South Korea has refrained from such actions. However, North Korea’s active participation in the Ukraine conflict may have influenced this shift.Potential Shift in South Korea’s Defence PolicySouth Korea, a nation with a long-standing policy of refraining from supplying weapons to countries embroiled in conflict, might be on the verge of altering its stance. The President of South Korea, Yoon Suk Yeol, has indicated that direct weapon support to Ukraine…