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Investors sought for Cornwall Airport and new transport quarter in Newquay

2025-03-28 02:27:36 By

Cornwall Council is hoping to attract investors for eight huge development projects in the county at a national event this week.

Bosses from the local authority, including chief executive Kate Kennally, are attending the UK’s Real Estate Investment and Infrastructure Forum in Leeds from May 21-23.

During the three-day conference Ms Kennally and her team will look to drum up interest in major regeneration schemes such as Newquay Transport Quarter and Cornwall Airport Enterprise Zone.

The council will be joined by representatives from Cornwall Trade and Investment, and its arms-length property development company Treveth.

The eight projects being showcased are worth a combined £10.6bn over the next decade, according to research by Inner Circle Consulting. The figure includes £3.4bn on housing and another £3.4bn on culture and economic development.

A project to deliver 48,000 new supported housing units across Cornwall by 2050 - valued at around £82m over five years - is one of the key opportunities that will be showcased. A £300m project to deliver a pioneering green community at Langarth Garden Village will also be billed as a world-class flagship scheme.

Other projects that have been ear-marked for development in the county include:

a £300m Cornwall Airport and estate opportunity, which is one of the UK’s largest designated enterprise zones;

a £100-200m new transport quarter in Newquay;

a commercial development opportunity at Goonhilly Earth Station ranging from £1m-£20m;

a £230m Pydar Street regeneration project in Truro;

floating offshore wind operations facilities and development at Falmouth Docks;

and an ambitious £1m Local Investment in Nature Cornwall (LINC) initiative.

Councillor Linda Taylor, leader of Cornwall Council said: “We are developing housing stock faster than the rest of the UK so harnessing the power of Cornwall is essential to the UK’s journey to net zero. Investing in Cornwall means having the space to think big and work with a proactive council to create a real legacy.”

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Cornwall will host a session on Wednesday, May 22, for investors, funders and developers as it unveils more about the scale of the construction opportunities available. It will take place between 3pm and 3.45pm at stand L20.

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Finance

Businesses urged to help save 109-year-old sailing ship

2025-03-28 02:27:36

The octogenarian owners of a 109-year-old sailing ship in Exeter are calling on local businesses to help secure its future. Britannia is the last functional example of an East Coast Fishing Smack and is currently undergoing community restoration. The aim is to restore the boat to working life, but £250,000 is needed to fund the project. The lack of funding has put two boatbuilder apprenticeships in jeopardy, according to owners Sam and Vicki Samuels, founders of Britannia Sailing Trust - a charity supporting disadvantaged young people through boatbuilding and sailing. If the money cannot be found, it will also scupper dreams of operating an education programme for disadvantaged young people once the boat is seaworthy again. To secure the ship's future, the duo have launched a national campaign called Help Save Britannia. So far more than £11,500 has been raised. Sam said: “We have nine committed trustees and the support of many individuals, some of whom have sailed aboard Britannia in the past. It’s got such wonderfully rich heritage and as the last ship of its kind in the UK, is a treasured part of our maritime culture. But the sad reality is, rising costs mean that we are now underfunded and urgently need more support to help us save this lovely boat.” The vessel has been an important part of Sam and Vicki's lives for the past 50 years, restoring her once already while raising their family on board as they sailed across the world. Having sold Britannia in 1996, they crossed paths with her again in 2013 and are now committed to restoring her for a second time. "Young people are the future of traditional sailing ships," Sam added. "They’re the next generation of boatbuilders, shipwrights, skippers and sailors. The ship will enable the charity to offer training and work experience for individuals to learn how to sail and maintain a traditional sailing boat, part of Britain’s maritime history. We owe it to them to give them this invaluable opportunity to learn vital life skills."

Finance

Collapsed Engenera Renewables left more than £2.3m owed to suppliers

2025-03-28 02:27:36

Failed energy installer Engenera Renewables left £2.3m owed to more than 110 creditors, new documents reveal. The Newcastle-based provider of solar, battery, air and ground source heat pumps for homes and businesses ceased trading earlier this year after administrators were called in amid cashflow difficulties. About 25 staff were subsequently made redundant. Fresh filings at Companies House show a list of creditors - including SME suppliers from the North East - have estimated claims of more than £2.3m while HMRC claims it is owed more than £964,000. Administrators at Leonard Curtis have estimated the firm has a deficiency of £3.48m. Read more: Electric powertrain specialist Saietta failed with deficit of £2.89m, administrators say Read more: Kromek expects to post record revenues on the back of rising demand While staff are expected to receive more than £22,000 owed in wages, holiday pay and pension contributions, the administrators consider it unlikely the unsecured creditors will receive anything. The insolvency experts also painted a picture of events in the lead up to the collapse of the hotly tipped company which is linked to a £100m green bond platform, designed to give homes owners and businesses the opportunity to get renewables technology installed at little or no up front cost. A chronology of the firm shows it had been profitable, at least up to the end of 2022 when it had turnover of £14m and and operating profit of £251,851, with growth prior to that. But trading took a hit shortly thereafter with cash flow difficulties being brought on by a disputed debt with HMRC of more than £500,000, compounded by the rising cost of materials and other overheads. In summer 2023, bosses brought in advisors from Leonard Curtis who helped Engenera negotiate a "time to pay" agreement with the tax office, and carried out a review of the business along with efforts to secure investment. Later in the year a hunt for a buyer was launched, generating interest from 24 parties. Heads of terms were reached with one potential buyer who was thought to have funds to carry out the deal and provide working capital to keep Engenera afloat. Those funds were expected by January this year but did not materialise, despite assurances from the buyer including to creditors. Leonard Curtis said: "By February 22, 2024, the directors felt they were unable to rely upon the funds promised by the Investor and as such instructed lain Nairn and Sean Williams to prepare to take an appointment as administrators. In the face of further promises of payment from the investor, the appointment was delayed for a short space of time to ensure that the opportunity to remain solvent was not missed.

Finance

Another deal for Dains as it acquires VAT specialist

2025-03-28 02:27:36

Accountancy group Dains has acquired a specialist in providing VAT services to the NHS. London-based CRS VAT, which provides VAT recovery and tailored advisory services, has been bought out by the Midlands group in an undisclosed deal. CRS' founder Chris Silk said: "Having been established for 21 years, we are delighted to join forces with Dains as we continue to grow our market share across the UK. "With Dains' support, we will be able to provide an enhanced service to our clients and connect to an incredible network of advisors across the group." Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Dains Accountants employs more than 650 people across eight offices in the Midlands, recently relocating its Birmingham team to the city's Paradise estate which is now also its new headquarters. Chief executive Richard McNeilly said: "What attracted Dains to CRS VAT is their commitment to technical excellence and client service. "They stay abreast of NHS client needs and legislative changes to develop solutions to address client challenges." Luke Kingston, partner at Dains' private equity backer Horizon Capital, added: "Richard and the team at Dains have now completed their eighth acquisition and we are delighted to have supported the group to this milestone. "We share everyone's enthusiasm for the significant opportunities created by bringing such like-minded businesses together."

Finance

Accountancy firm Crowe welcomes black interns in diversity push

2025-03-28 02:27:36

UK tax and advisory firm Crowe has taken on 11 black interns as part of a six-week-long paid programme aimed at boosting "equality of opportunity". The company is working with the 10,000 Interns Foundation in a bid help more underrepresented young people into professional services. It is the third year Crowe has been involved in the scheme, with this year's cohort working across its five offices. Richmond Akpan has joined the company's Cheltenham office and will be taking part in the programme, which involves a mentoring scheme. “We’re delighted to welcome Richmond Akpan to our Cheltenham office as part of this year’s cohort of 11 interns across Crowe’s UK business and look forward to helping shape their future," said Ross Price, audit, Midlands and South West Office managing partner. “We want the brightest and best people so that we can deliver exceptional audit, tax, advisory and risk services to our clients and we want our team to reflect the changing nature of British society and business." The 10,000 Interns Foundation was established as a non-profit organisation in 2020. Crowe joins more than 700 other participating organisations now offering underrepresented people an opportunity to work in sectors including finance, technology and advertising. In total, the 10,000 Interns Foundation has helped 5,000 individuals into paid internships since its inception. Last year, two interns on the Crowe programme were given permanent positions at the firm. Azeem Zafar, partner, global business solutions and REACH (Race, Ethnicity and Cultural Heritage) lead at Crowe, said: “We strive to create a truly inclusive organisation at Crowe by ensuring there is an environment which allows people to flourish and achieve their potential, and at the same time recognising their contributions and value to the firm, regardless of their race, ethnicity or cultural heritage." Nigel Bostock, chief executive of Crowe, said offering opportunities such as the internship scheme helped to open up an industry which has "traditionally lacked diversity".

Finance

Atom Bank toasts record results as operating profits top £27m

2025-03-28 02:27:36

Directors at digital challenger bank Atom have toasted the company’s strongest financial results, driven by an increase in lending. The Durham bank, the UK’s first app-based lender, has posted its annual results for the year ended March 31 2024, showing a 600% increase in operating profit to £27m. Strong loan book and revenue growth saw a 31% increase in Atom’s net interest income to £99.5m, while net interest margin equalled the previous year’s 2.8%. Net operating income rose from £65.8m to £88.3m and the previous year’s pre-tax loss of £10.1m was converted to profit of £6.7m. Staff numbers also rose in the year, from an average of 452 to 504, with the bank’s technology divisions seeing the sharpest rise in employee numbers, increasing from 119 to 155, as a result of investment in the technology and change functions, and within the business and customer operations function. Atom raised £100m from existing investors in November 2023, and directors said the additional capital has been used to accelerate balance sheet growth and to further scale the business against a challenging market background. Its loan book increased by 39% to £4.1bn, buoyed by growth in residential mortgage balances to £3.2bn, an increase of 55%. The digital lender delivered residential mortgage completions of almost £1.6bn – a 20% increase, in a market which it said contracted by 25%. Despite the growth in mortgages, Atom said it maintained close control over credit quality, ending the year with 0.3% of residential loans in arrears or subject to forbearance measures. It also said growth in commercial mortgages, ending the year with balances of more than £600m, an increase of 19%, including completions of over £200m, and a retention rate of maturing loans of 43%. During the year, the firm launched new initiatives including funding two new Women in Technology scholarships at Durham University, and the Atom Futures Fund, which provides financial support to year 13 students growing up in care or from low-income backgrounds in County Durham who apply to a Russell Group University. Mark Mullen, chief executive officer at Atom, said: “This has been our best year yet at Atom bank. We have achieved profitability across all measures, grown our loan book significantly, maintained robust credit quality, avoided fraud losses altogether, kept our costs tightly controlled and enhanced our already industry leading customer experience metrics. “We begin the new year with tailwinds in the form of strong asset pipelines, excellent technology, a highly engaged team, supportive investors and an enviable reputation with customers. Beyond the confines of banking, we have exciting plans to further reduce our impact on the planet and to create even more opportunities in our local community. “UK banking remains dominated by players with low growth, high costs and indifferent customer service. We remain entirely focused on serving the needs of borrowers and savers, without the soaring costs and operational complexity of transactional banking products like current accounts. Ultimately, this is the only way to disrupt the status quo.” Lee Rochford, the new chairman who was appointed in May, added: “All companies must cross the break-even threshold and grow to become both profitable and self-sustaining businesses. It’s the only way that they can fully realise their potential and progress on to deliver enduring shareholder value.

Finance

Virgin Money posts positive interim results but warns of challenges in months ahead

2025-03-28 02:27:36

Bosses of Virgin Money have described a positive first half of the year but warned of pressures in the coming months amid the ongoing takeover move by Nationwide Building Society. Unaudited results published to the London Stock Exchange show the challenger bank generated net interest income of £2.3bn in the six months to the end of March, up from £1.7bn in the same period last year. Operating profits fell from £380m to £372m as statutory pre-tax profits increased from £236m to £279m. At the same time, the bank saw a gradual increase in credit card arrears with forbearance - payment postponements offered to help card holders - at £112m across more than 27,000 accounts, an increase from the end of September when the figure was £90m across 22,206 accounts. Virgin said the trend was reflective of the current environment. Read more: Newcastle firm LightOx gets £1.5m investment to develop cancer treatment Read more: Greggs to create up to 600 new jobs with food production site in Derby The bank's boss, David Duffy, said that since January there had been signs of improvement in the mortgage market despite a 1.5% fall in mortgage balances during the period to £56.6bn, and cost of living pressures continuing. Meanwhile, in light of the proposed takeover Virgin said it had deferred some restructuring activity as part of a £275m turnaround plan first introduced in 2021. Operating and administrative costs in the period were 3% higher at £551m as any savings from restructuring that remained were wiped out by higher inflation including wage growth and a £10m impact from the new Bank of England Levy. There was also launch of a new financial crime prevention programme to tackle rising levels of increasingly sophisticated fraud across the sector. Around £15m of costs so far have been booked against the move, which included beefing up cyber defences, and providing customers with more protections against criminals. Chief executive Mr Duffy said: "Overall the business has had a positive first half of the year with good delivery across key areas. As we look out in to the second half, the group does expect downward pressure on net interest margin relative to H1. We also anticipate cost pressures from inflation and investment in H2, which will only be partially mitigated by the ongoing cost savings programme, where certain restructuring activities have now been deferred in light of the proposed acquisition by Nationwide." The proposed £2.9bn takeover of Virgin Money by Nationwide Building Society has attracted the attention of the Competition and Markets Authority, which last month said it had launched an investigation into the move with a decision on whether a fuller probe is necessary to come by the end of July.

Finance

Rum distillery that featured on Hairy Bikers final episode secures £100k

2025-03-28 02:27:36

An Exeter-based rum distillery that featured on the final episode of Hairy Bikers Go West is set for major growth after securing £100,000. Husband-and-wife duo Russ and Gemma Wakeham set up Two Drifters in 2019, with a vision to create a business which was carbon negative. The company has an electric distillery that runs on 100% renewable energy. The cash injection from Time Finance will be used to help fund the company's alcohol tax duty and expand rum production. It will also fund an on-site bar, which will be open to the public. Mr Wakeham, said: “For every £35 bottle of rum we sell, £12 of that is tax, and that cost for our business is constant. It needs to be paid on the day our rum leaves the distillery, so while the business is thriving and profitable, we have taken on major new stockists which means payment and cashflow have become less predictable for the business." The company said it had doubled its profits year-on-year since being established and had recently secured a contract with British Airways as well as deals with restaurants and bars, and other UK stockists including Fenwick and Threshers. Earlier this year, Two Drifters appeared on the final episode of Hairy Bikers - and Mr Wakeham said the business was inundated with orders as a result. "Within two minutes of the programme airing we had thousands and thousands of website orders," he recalled. "With a business model typically centred around stockists of our rum, this influx of website orders from direct consumers was a great surprise for us. LIKE THIS STORY? Why not sign up to get the latest South West business news straight to your inbox. "The business is growing at a fantastic rate, and we want to keep it that way, and with this facility from Time Finance we can continue to create the very best, carbon negative rum.”

Finance

Restaurant group Rockfish planning to open four new sites

2025-03-28 02:27:36

Seafood and restaurant group Rockfish has announced plans to open four new sites after securing £1.25m. The South West company already has eight eateries in Devon and Dorset, including award-winning restaurant The Seahorse in Dartmouth. The business, founded by Mitch Tonks in 2007, also has two takeaways, a fishmonger and a tinned seafood range. It is already planning to open new Devon restaurants in Topsham, Salcombe and Sidmouth. The firm secured the equity financing from the British Business Bank’s South West Investment Fund (SWIF) as part of a £3m funding round. Mr Tonks said the investment was "testament to the strength and potential" of Rockfish. He said: "We are excited to embark on this next chapter of growth, driven by our passion for seafood and our commitment to sustainability and excellence. We are grateful for the support from the South West Investment Fund and The FSE Group and look forward to bringing our unique seafood experience to even more people." During the pandemic, Rockfish acquired a fish procurement and processing business on the Brixham quayside - a move it said allowed it control over its supply chain and offered a "competitive and commercial" advantage. The company is now set to execute a three-year growth plan, which includes the opening of new restaurants and expansion of its retail offerings. Ralph Singleton, head of equity, South West at The FSE Group, added: “Rockfish is poised for an exciting phase of expansion. With a robust recovery post-Covid and a highly capable management team at the helm, this expansion will further establish Rockfish as a leader in sustainable and quality seafood dining and we are delighted to be part of this journey.” The £200m South West Investment Fund (SWIF) provides loans from £25k to £2m, and equity investment up to £5m, to help a range of small and medium-sized businesses to start up or scale up. The purpose of SWIF is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West.

Finance

Hargreaves Lansdown would back £5.4bn takeover offer

2025-03-28 02:27:36

Financial services firm Hargreaves Lansdown (HL) has confirmed it is in talks with a consortium over a £5.4bn takeover approach. The Bristol-headquartered company said on Tuesday (June 18) the proposal is being led by private equity firm CVC Capital and Abu Dhabi’s wealth fund. The offer is to acquire HL at a price of 1,140p per HL share in cash. It also includes an option for HL shareholders to elect for a rollover equity alternative in respect of some or all of their shares. Bosses at the FTSE-100 personal investment platform have told investors they would be willing to “unanimously” back such a deal if the suitors lay down a firm offer. It follows three previous approaches from the consortium in recent months, including a £4.7bn approach which was rebuffed in May. "The board remains confident in management's ability to execute Hargreaves Lansdown's strategic priorities and in Hargreaves Lansdown's fundamental longer-term prospects," the company said on Tuesday. "However, having evaluated the revised possible cash offer, which would provide the certainty of value in cash to shareholders, the board has decided to engage with the consortium and provide confirmatory due diligence access." HL made the announcement, it said, "without the prior consent" of the consortium, meaning there can be no certainty that any firm offer will be made for the business. The company said a further announcement would be made "as and when appropriate".

Finance

NEL Fund Managers expands with new Teesside office amid new funds on offer

2025-03-28 02:27:36

Investors NEL Fund Managers have launched a Teesside office following their appointment to manage pots that are part of the Northern Powerhouse Investment Fund II. The Tyneside-based firm has opened at base at Stockton's Surtees Business Park and is creating two jobs as part of the move. It comes after NEL was tasked with managing the NPIF II - NEL Smaller Loans Fund, which offers investments from £25,000 to £100,000 and the NPIF II - NEL Debt Finance Fund which offers investments between £100,000 and £2m to more established businesses. Jonathan Luke, chief executive at NEL Fund Managers, said: "We’ve invested in dozens of Teesside businesses over the last three decades and are re-establishing our presence on the ground to help further increase this number. The two NPIF II funds that we’re managing open up a wide range of new opportunities for businesses across the North East to realise more of their growth potential, create more jobs, launch new products and services, and contribute more to the health of the regional economy. Read more: Vianet posts higher profits amid 'momentum' for the future Read more: Sunderland's Identity Consult buys West Midlands firm Carl Dean Associates "The LevelQ building provides everything we need in terms of modern office space, first-rate facilities and excellent transport links, andwe’re looking forward to welcoming local businesses to our Stockton base to talk about how we might work together.” John McCabe, chief executive at the North East Chamber of Commerce, said: “Our vision at the Chamber is to ensure the region is a place where people and businesses thrive, and NEL’s increased reach is a big step in the right direction for entrepreneurs and SMEs. We know the North East is the ideal place to create and grow a business, and I look forward to seeing the positive impact the two NPIF II funds have on business growth in Teesside and the wider North East.”James Robson, a member of NEL’s investment committee and founder of Hartlepool-based Exwold Technology Limited, added: "NEL’s new office in Stockton showcases their commitment to Tees Valley businesses. From my own experience of receiving multiple investments to grow my first company, Exwold Technology, I know the exceptional backing that NEL provides."As a member of NEL’s investment committee, I now see their dedication to providing solutions focussed investment and support to empower the growth of ambitious businesses throughout the North East and Tees Valley. The Tees Valley region has remarkable talent and potential, and I’m thrilled that NEL is here as a strategic investment partner to help unlock it."