Author: Scott Dylan

This week marks notable shifts in leadership and strategic directions within key businesses in the North East. As firms like KPMG and NRG appoint new leaders, these developments are set to influence regional business dynamics.From legal expertise to technological recruitment and expansive architectural services, the region witnesses critical enhancements in its business landscape, promising a surge in growth and innovation across various sectors.Leadership Transition at KPMGKPMG UK has appointed Michael Downes as the new leader of its Newcastle office. This significant transition was prompted by the retirement of Ian Beaumont, who has been a pivotal figure in the company for…

Menna, a Cardiff-based fintech start-up, has secured a £500,000 equity investment to advance its AI platform.The funding aims to commercialise Menna’s technology, enabling small firms to optimise financial decisions.Equity Investment Secures FutureA Cardiff-based fintech start-up, Menna, has received a significant boost through a £500,000 equity investment. This crucial funding is designed to support the commercialisation of Menna’s innovative AI platform aimed at enhancing small businesses’ financial decision-making capabilities. The investment was spearheaded by a syndicate of business angels, led by Simon Bell, contributing £250,000, which was matched by the Development Bank of Wales.The firm was established in August of the…

The Cannock Gateway Retail Park has been acquired by a private investor, marking a major commercial property transaction valued at £10.25 million.This acquisition highlights the investor’s confidence in the retail estate, which was formerly managed by Birmingham property group Hortons.A significant commercial transaction was concluded as Birmingham-based property group Hortons sold the Cannock Gateway Retail Park for £10.25 million. This strategic divestment was made to a private investor, marking a substantial shift in ownership. The retail estate features nearly 38,000 square feet of space, catering to various businesses and includes a drive-thru accommodation and an electric vehicle charging station.The retail…

Yodel is preparing a significant recruitment campaign to meet the high demand expected during the festive season. The company is set to hire 3,000 workers as part of a large-scale staffing initiative.Yodel, a leading parcel carrier, aims to bolster its workforce in anticipation of increased demand during the festive period.The recruitment initiative is supported by a recent £85m funding boost, allowing for the hiring of additional warehouse staff and couriers.The company delivers over 190 million parcels annually and expects a rise of more than 50% in volume over the next quarter.Flexible working arrangements and competitive benefits are part of Yodel’s…

Hill & Smith has significantly expanded its global footprint through a strategic acquisition. The Shirley-based infrastructure firm has acquired Whitlow Electric’s business and assets in a £23 million deal.This acquisition underscores Hill & Smith’s commitment to enhancing its market presence, particularly in the high-growth US electrical infrastructure sector. Bruce Whitlow, the former owner, will remain with the company, ensuring continuity and expertise.Acquisition Details and Strategic FitHill & Smith’s latest acquisition involves the business and assets of Whitlow Electric, a Georgia-based company. This move is valued at £23 million and aligns with Hill & Smith’s strategy to expand its operations. The…

Frasers Group has acquired St Nicholas Arcade in Lancaster.The property spans 160,000 sq ft and hosts retailers like Next and Trespass.The acquisition follows a series of similar investments by the company.Frasers Group’s strategy includes enhancing its property portfolio.CEO Michael Murray emphasises the value of physical retail.Frasers Group has further expanded its property portfolio through the acquisition of the St Nicholas Arcade in Lancaster. This retail property, measuring 160,000 square feet, significantly enhances the company’s presence in the UK shopping centre landscape. Retailers such as Next, Shoe Zone, and Trespass operate within the arcade, which attracts approximately four million visitors annually.The…

The ongoing sale of the collapsed EV group Arrival is facing significant delays as negotiations continue with potential buyers.Administrators from EY have extended the sales timeline to accommodate ongoing due diligence from interested parties.Prospective buyers are actively involved in management meetings and asset inspections to understand the full value of Arrival’s offerings.Arrival UK was revealed to owe over £1 billion, impacting several major creditors including AWS and Google Cloud.To date, administrators have only managed to recover a small fraction of the debt through asset sales.The sale of the collapsed electric vehicle company, Arrival, has encountered delays as discussions with potential…

Scotland’s last oil refinery, located in Grangemouth, is set to close in 2024. This decision will result in the loss of 400 jobs and an increased reliance on imported fuel for the UK.The closure, announced by Petroineos, attributes the decision to declining domestic demand for motor fuels and the high costs associated with maintaining the ageing facility.Reasons for ClosureThe closure is driven by a decline in demand for motor fuels, which has been exacerbated by the impending ban on new petrol and diesel cars. With the market for these fuels expected to shrink further, maintaining an old refinery is no…

This week’s UK tech funding has seen a significant increase in investment, with £106.5 million raised.The drug discovery platform PhoreMost secures Series B funding with numerous investors participating.Mortage fintech company Twenty7tec attracts growth equity investment from the Business Growth Fund.UK tech sector experiences a 130% rise in investment, covering 12 different funding rounds.Key sectors include health tech and fintech, highlighting diverse investment interests.This week’s UK tech funding has realised a substantial increase, with a total of £106.5 million raised across numerous sectors. This demonstrates a robust financial commitment from investors and indicates growing confidence in the UK technology market.PhoreMost, a…

Plans for a major new data centre in Hertfordshire are underway.Griggs, the developer, aims to partner with a US tech giant for funding.The £4 billion centre will be situated on an 83-acre site in South Mimms.Potential partners include Microsoft, Amazon, and Google, though no deal is confirmed.Local investment includes an innovation hub and improved transport services.Plans are progressing for a significant data centre development in Hertfordshire, spearheaded by Griggs through the DC01UK joint venture. This ambitious project is expected to dominate an 83-acre site in South Mimms, requiring substantial investment estimated at £4 billion.James Craig, director of Griggs, shared with…