UK Business lending falls
The bank of England’s trends in lending publication shows that lending to businesses fell by £4.8bn over the quarter, with lending down by £2.8bn in February alone, the squeeze effecting both small and medium-sized enterprises and large businesses.
Jet2 creates 200 new jobs
Yorkshire based airline Jet2 are set to create 200 jobs in Leeds according to the Yorkshire Post. The business is set to relocate into their new offices in The Mint block in Holbeck. The customer contact centre that is home to its finance, IT and human resource operations will be home to nearly 700 people.
New Finance Director at Doncaster Sheffield Airport
Peel Airports announce a new Finance Director appointed to Doncaster Sheffield Airport. Mike Cotterill from Rotherham has taken up the role as Finance Director five years after he left the department working as Financial Controller. Since 2008 Mike has worked at Maple Leaf Bakeries and EDF Energy before returning to Doncaster Sheffield Airport
Sheffield Forgemasters secure multi million pound deal
Sheffield Forgemasters is moving from strength to strength, recently this year signing a multi million pound deal with Russian steel works Severstal and becoming Russia’s leading steel rolls supplier. Ken Brooks, senior sales manager at Forgemasters, said: “This contract forms part of a three year development of business between Sheffield Forgemasters International Limited and Severstal which is worth £15.5m in total”. The new contract is evidence of Sheffield Forgemasters presence in the wider Russian steel market.
Yorkshire Accountancy firm merges with Barron & Barron
Barber Harrison & Platt Yorkshire’s independent firm of chartered accountants is expanding; merging with York based Barron & Barron which will create a company of 216 employees and a turnover of nearly 12 million. This is not the first expansion for BHP, this merger follows BHP successful merger in 2011 with Mitchells in Leeds and Harrogate.
Barclays open new Sheffield office
It was revealed yesterday Barclays are opening a new office in Sheffield; Barclays Wealth and Investment Management team will be based at St Paul’s Place on Norfolk Street. Martin Cuthbert, regional director for Barclays Wealth and Investment Management in Yorkshire said: “Sheffield is a fantastic place to do business.” Sheffield’s office is the sixth office to be opened in the last 18 months; the growing team will allow wealth advisers and private bankers to offer a full range of services to new and existing clients in South Yorkshire.
Clough & Company seize deal
Accountancy firm Clough & Company has been appointed by Halifax Rack and Screw (HRS) to oversee accounting activities, including corporate tax advice and annual audits. Halifax Rack and Screw (HRS) are two well known Yorkshire based manufacturing and engineering businesses and are both global leaders in their field. Clough & Company Managing Partner, Nigel Bullas said "Both are significant business wins for Clough & Company and we're delighted to be working with them to develop and achieve their financial objectives".
BHP merges with Barron and Barron
Accountancy firm Barber Harrison & Platt have announced a merger with York based Barron and Barron. The combined firm will have a turnover of around £12m with offices across Sheffield, Leeds, Harrogate and Chesterfield.
Bezier closes down Wakefield plant
In a statement, Bezier said that after a strategic review they plan to focus on its Global Brands business headquartered in London’s Soho. 395 jobs face axe after Beizer decided to close their Wakefield plant. The Leicester office will also close too.
Yorkshire Bank appoint Steve Tweedle
Yorkshire Bank has appointed Steve Tweedle to lead its South Yorkshire team. Steve started working for Yorkshire bank in 1983 and currently works in Sheffield as a Director of South Yorkshire International Trade Forum.
Cranswick win deal with Asda!
Hull based pork supplier Cranswick have won a deal to become Asda’s main fresh pork supplier. Cranswick are buying a new site in Hull and are expected to be in full production by the end of March.
Sheffield Forgemasters strike a £3m deal with Severstal
Sheffield Forgemasters have secured a new contract with Russia’s largest steel company Severstal, the £3m deal is part of a 13 year relationship. Sheffield Forge masters have a large presence in the Russian steel market, Sheffield Forgemasters are now responsible for providing 70% of Severstals entire forged steel roll equipment.
Chesterfield Special Cylinders win £2m contact
Chesterfield Special Cylinders announced yesterday plans to supply high pressure gas cylinders for the Royal Navy’s sixth Astute Class nuclear submarine. CSC who are Sheffield (Meadowhall) based have been supplying the Royal Navy with high pressure gas storage cylinders since 1930, the latest contract takes the value of contracts with Astute to £12m.
Armstrong Watson expands into Yorkshire
On 1 January 2013 Robertshaw Myers merged with Armstrong Watson Chartered Accountants. The merge and expansion into the region now makes Armstrong Watson the largest Chartered accountants in Yorkshire.
Shorts Relocate Head Office
Shorts Chartered Accountants have relocated their head office to a new 8,000 sq foot office in Chesterfield. The firm which was founded 120 years ago provide private client services in North Derbyshire and South Yorkshire. The new head office is the base for 6 partners and 46 staff. Partner Andy Irvine said: “We’re extremely proud of our offices which mark the start of an exciting chapter.” The new office was celebrated with an official launch evening.
Sheffield Forgemasters secure North Sea contract
The first part of a multi million pound contract to supply crucial components for a North Sea oil platform has been completed. A 114 tonne clamp casting has which will be used to repair the under sea structure of the Siri platform, on the Danish continental shelf has been dispatched. The clamp casting is the crucial part of the sub structure. Sheffield Forgemasters will manufacture 35 flange and spacer castings as part of the second phase of the contract which will be dispatched early 2013.
KPMG UK profits drop
The Big Four Accountancy firm has revealed KPMG has recorded lower profits but higher annual revenue in the year to September 2012. UK profits have fallen by 13% to £349m and revenue has climbed to £1.774m from £1.707m which represents 4% growth. The slump in profits is partly due to the loss of 275 staff after a restructuring within the company.
Sheffield Forgemasters is going ahead to become the sole UK producer of heavy forgings and castings which can be used at the heart of nuclear reactors. David Street, Group Quality Director said “We are halfway through the process and will have the new ASME programme ready for external audit by March 2013.” Forgemasters are expecting to invest £140,000 to maintain their current accreditations and secure higher level NPT accreditation.
Profit grows at Pressure Technologies
Pressure Technologies the industrial machinery company based in Sheffield have posted pre taxed profits of 1.8m from 0.6m in 2011. For the year ending 29th September 2012 revenue had increased by almost 32% to a record £30.4m from 23.1m in 2011.
Yorkshire’s most celebrated technology entrepreneur
Lee Stafford the former chairman of Sheffield Wednesday football club has been named Yorkshire’s most prominent technology entrepreneur. Lee made his name in Sheffield as the founder of the internet provider PlusNet. The accolade was secured by Roaring Mouse a technology and PR consultancy in Sheffield.
Finance Yorkshire invest nearly £30million
Finance Yorkshire who offer loan funds to small and medium sized business have invested nearly £30million since August 2010 into businesses in Yorkshire and the North. Finance Yorkshires investment has created 5, 190 jobs and generated a private sector leverage of more than £56 million.
Double Hire at DLA Piper
Dickinson Dee has appointed two new partners in Leeds, John Connor who will join the banking team on the 26th November. John Connor has more than 10 years experience advising banks on issues regarding asset based lending, acquisition finance, property finance and debt sale deals.
Insider 42 under 42
Partner Caroline Naylor is delighted to have been shortlisted for the Insider 42 under 42 awards. These prestigious awards identify Yorkshire's inspirational young entrpreneurs and business leaders. More information can be found at www.insidermedia.com/yorkshire. Watch this space for more information.
CRA recruits corporate finance executive for Streets
Streets Chartered Accountants, who rank 30th in the top 60 UK accountancy practices is delighted to announce that Natalie Fisher has been recruited to join their Corporate Finance team based in Sheffield.
Management graduate joins CRA Financial
Sheffield legal and financial recruitment specialist CRA Consulting is delighted to announce that management graduate Steven Cotton has joined its busy financial recruitment department.
CRA Sponsors South Yorkshire Dealmakers Dinner
CRA Financial partner, Caroline Naylor is delighted to announce that CRA will be one of the sponsors of the Insider South Yorkshire Dealmakers Dinner again this year. The dinner, at which the South Yorkshire Dealmakers Awards 2011 will be presented, will be held at Sheffield’s prestigious hotel, Mercure St Pauls on 23rd June and will be hosted by comedian Dominic Holland.
Impressing the impressive - interview skills
Very many congratulations to this year’s South Yorkshire Top 100 SMEs - and to their staff.
Adaptability key skill for accountants
It’s a challenging time for accountants on the job market currently. The CBI and PWC suggest that the financial industry is picking up slightly, but the indications seem to be that increased recruitment is in specialised areas such as compliance and risk management.
Project Merlin - banks pledge increase in business lending
The Government has announced an agreement with major banks - known as Project Merlin - to lend £190 bn to businesses this year.
Major bank fund to come to Yorkshire?
The Business Desk has reported that the £1.5 billion equity fund being planned by the major UK banks may open a regional operation in Yorkshire.
Steady increase for financial sector in 2010
The 85th CBI/Price Waterhouse Cooper Financial Services Survey – December 2010 indicates that, whilst levels of activity remain below normal, volume of business continued to recover in the last quarter of 2010 and is now picking up after a slow start in late 2009/early 2010.
While shepherds watched
While Shepherds Watched…
Women 6 times less likely to get top financial jobs
Research carried out recently by the Chartered Institute of Management Accountants (CIMA) has identified that, despite a third of its members being women, female finance professionals are six times less likely than men to make it to the top. A damning statistic – unfortunately supported by the fact that just over 12% of FTSE 100 board positions are held by women. So why, when the link has been proven between women in senior roles and strong financial performance and competitive advantage, do women still lag behind men in terms of seniority and salary.
Cutting Deals in South Yorkshire
Businesses still cutting deals in South Yorkshire
FINDING THE RIGHT TALENT FOR THE FINANCIAL WORLD
It’s a sign of the times that, whilst the latest figures show a slight reduction in unemployment, the figure itself remains high at around 2.47 million, and so the job market is still flooded with candidates. That may well be the case, but Caroline Naylor, partner at Sheffield’s specialist financial recruitment consultants CRA Financial, says that it still remains difficult to find skilled individuals for her clients, who are crying out for well qualified accountants with the right experience.
Fans preparing takeover bid for Sheffield Wednesday
A consortium of Sheffield Wednesday fans are preparing a £10m takeover bid for the Owls. Wednesday Forward, a group made up of local, London-based and foreign businessmen are thought to be planning to submit their bid within the next couple of days. Headed up by Rotherham businessman Spencer Fearn, Wednesday Forward has assured fans that they will be given the opportunity to buy into their club.
Bad news for Sheffield Forgemasters after recent government spending cuts
The government has dealt a massive blow to British manufacturing and defence companies by withdrawing £2bn of programmes, announced in the final days of the last administration, ahead of the next spending review.
‘Tossing the Caber’ For Royal Bank Of Scotland.
Part-nationalised Royal Bank of Scotland announces huge job losses for its staff, 14 of the 27 offices are being closed, after being forced by the European Commission to sell its insurance division by 2013.
Local Medical Business’ Financial Immunity.
TalarMade, founded in 1997 and based in Chesterfield, has partnered with Barclays Bank in hope of future expansion.
Sheffield Independents Weather the Financial Storm.
The current economic climate has frozen businesses profits globally. As larger corporations overshadow smaller struggling trades, many independent shops have been driven into bankruptcy, heralding the reign of the multi-national conglomerate.
Access Credit Management Expands Their Team
Access Credit Management, who specialise in the recovery of commercial debt, have extended their team of Credit Management specialists after the sad death of its managing director John Flaherty. Following Johns death, the Sheffield based company determined that if they were to continue to provide an excellent service to their clients, who range from individual traders to international corporations, their only option was to increase their workforce.
Sheffield Firms Triumph Despite the Recession
Whilst many companies throughout the UK have become victims of the recent economic crisis, two Sheffield firms are riding high throughout the recession. Sheffield based companies Mechan and Henry Boot, have both seen exceptional results throughout 2009, with Mechan seeing a record turnover performance.
Kier Wins another Award
Kier have been awarded a commendation for their work at the Angram Bank Childrens centre based at High Green in Sheffield. The environmentally friendly centre for young families beat off competition from around the UK, and contains energy saving heat pumps and insulated walls.
WANdisco to Settle in Sheffield
Digital software company WANdisco are planning to expand their Sheffield office, after securing funding of over half a million pounds. WANdisco, whose clients include BT, Dell and Honda produce software which allows people based in different countries to virtually work with each other on joint projects, as if they were physically together.
LA Fitness Give Full Marks to Alesha Dixon
Alesha Dixon has signed a four year deal with Doncaster based LA Fitness to become the face of the health club chain. The company’s chief executive Martin Long said that Alesha, singer and star of the BBC’s Strictly Come Dancing, is an excellent representative for the company and a great role model for their customers.
Grant Thorntons Tax Reform
Accountancy firm Grant Thornton have hosted a debate regarding the merits of the UK tax system, signifying the launch of the company’s personal ‘tax manifesto’. The meeting was chaired by the managing partner of Grant Thornton’s Sheffield office, Garry Meakin, and discussed topics ranging from VAT changes to tax evasion issues. Mr Meakin commented that changes need to be made to re-ascertain robust public finances.
Scrappage Scheme a Success for Pendragon
Pendragon, the Car Dealership, has announced that despite being in the midst of a recession, results for this year are actually expected to be ahead of original expectations. The company has explained the significant results as being the consequence of the governments’ car scrappage scheme and excellent cost control. Pendragon have also attributed the results to greater used car performance, with their own used car sales having increased by 2.9%.
Cranswick Ride High In the Recession
Hull based company Cranswick, who supply fresh Pork and premium sausages to the UK’s food retail sector, are thriving in the recession as sales continue to soar. The Company has found that increased demand from European discounters and grocery retailers has led to an increase in revenue of nearly 20%.
New Deal for Fusion IP
Fusion IP, who work with UK Universities to turn educational research into business opportunities, has announced that they are to sell a 19.8% stake in their business to the IP group. The Yorkshire based company has also reported that they are to cease partnership with Citigroup Capital Ventures, who are to subsequently to sell their 6.3% share in the company.
Sheffield Forgemasters Cut Down on the Cost of Energy
Sheffield Forgemasters has been making cost saving changes to two of their Brightside Lane furnaces. The modifications should result in increased efficiency, and lead to a fall in gas utilization of nearly ten percent.
Success in Sweden for Fretwell-Downing
Sheffield based Fretwell-Downing Hospitality has achieved great success in the UK with Saffron Nutrition, the company’s nutritional analysis software. Recent publicity surrounding the diets of young children, which has stemmed from the establishment of nutritional standards for school meals, has helped the company become a chief competitor in its market.
Creative Sheffield Work to Secure Sheffield’s Future
Creative Sheffield has joined forces with Sheffield City Council to review the possibilities for the city’s economic future. The group have been trying to ensure that the people of Sheffield have the best possible opportunities accessible to them in forthcoming years.
AES Triumph at Business Awards
The Yorkshire Post Businesses in Excellence awards have taken place this month. The awards ceremony which recognizes the best companies in the region was held at Queen’s hotel in Leeds, and hosted guest speeches from politician Ed Balls, and comedian Jon Culshaw.
Crawshaw Group Suffers the Price of a Rainy English Summer
Rotherham based butchers, the Crawshaw Group, has suffered the financial torment of yet another wet British Summer. Bad BBQ weather has impinged on sales and amplified the difficulties the company has faced as a result of the recession.
Billington Structures Wins New Government Contract
Billington Structures Limited, who have been constructing and delivering structural steelwork for over 60 years, have secured a new contract worth more than a million pounds. The contract will see the Barnsley based company providing steel frames for the local ‘Building Schools for the Future’ project, aimed at restoring local schools.
AES Seals Torpedo Trade
AES Seals in Rotherham have won a contract with BAE systems that will be delivered with military precision. They will be one of 18 companies involved in a major development program for the Royal Navy and Royal Air Force.
Horbury’s University Enterprise
The Horbury Group have capitalised on their resilient local links and strong relationships with main contractors in a deal worth around £2million. The Rotherham-based construction group will be involved in the completion of widespread regeneration work for the University of Sheffield and the University of Leeds.
Helping Hand from Gripple
Gripple are known for their multinational dealings. However their latest activities have seen them venture even further afield. Matthew's Farm, an agricultural training centre in Sudan, has been the grateful recipient of over £50,000 worth of equipment.
Brush with Success
Two of Sheffield’s most successful businesses have this week been celebrating award-winning performances.
An Assured Deal
Assured Fire and Security joined forces with the Proper Pasty Company as the Yorkshire bakery company opened its new site at Riverside House in Nursery Street.
Cutler’s Hopes for Corus
The Master Cutler has this week given his comments on Corus’s difficulties. Having held his first job with the company, Martin Howell is concerned about the company’s decision to make 800 people redundant across South Yorkshire.
Corus have announced they will be making 2,000 people redundant, with the majority of these to be in and around South Yorkshire.
Raising the Roof
A roof of spectacular design and unique innovation, from a leader in the structural field, destined for a world renowned sporting destination.
Sandvik’s Landmark Lease
Sheffield based firm Sandvik has benefited from Yorkshire Forward’s financial boost.
It has not been a good year for Sheffield Insulations Group. But despite the odds they have raised £341.3m of finance in a rights issue and have saved over £8million in the last four weeks alone. It is reported that they have further cost saving measures yet to be announced.
Our Survey Said…
Grant Thornton has carried out a survey amongst Sheffield businesses which suggests that confidence is beginning to seep once again through the city streets. 30% of the 1,500 businesses surveyed expected improvement over the next year.
AES Seals Sealing Deals
AES Seals are branching out. Winning orders in Algeria and with their sights set on South America, the Middle East and North and South Africa, the company is setting its sights on global success in the wake of a recession which has seen off many of their competitors.
Kier Causes Council Concerns
Kier Sheffield LLP has this week announced that 45 members of its city-based workforce will be made redundant.
Eco Efforts from Chesterfield Construction Company
There are 47 new eco-houses in Norfolk Park, Sheffield, thanks to Wildgoose Construction.
Forging Nuclear Links
Sheffield Forgemasters has this week won an international contract to the value of £1.2m. The deal was closed with power generation company Babcock & Wilcox, who supply civil nuclear power components to Argentina.
B Braun Medical’s Healthy Figures
This year, the only aspects of our financial system that seem to be on the rise are unemployment and inflation. So it comes as a refreshing change to hear that the Sheffield branch of B Braun Medical have experienced rising sales in the region of above £100 million.
A Package Deal
William Beckett Plastics are set this month to launch their newest product range.
Grant Thornton's Global Task
Grant Thornton launched their healthy living campaign last year with a Well Being Week. The most recent events are now off to a kick start with the Global Corporate Challenge (GCC).
Forgemasters Nuclear Ambitions
Sheffield Forgemasters are this week one step closer to realising their nuclear ambitions. They are hoping to play a part in the next generation of nuclear power stations.
After The Flood
Doncaster-based ATH Resources has this week announced that a further 600,000 tonnes of coal will be mined from its Scotland site.
A Secure Deal
An unlikely partnership has been forged this week – between Rotherham and the Nigerian city of Ota.
Redundancy Blues at Bond Bryan
Sheffield is one of the cities feeling the knock-on effects of the LSC’s disastrous college building programme.
Another Sheffield company has fallen victim to the credit crunch. 15 staff have been made redundant from Electronic Data Processing (EDP), in response to falling revenues and profits.
PwC Partner becomes President
The Sheffield and District Society of Chartered Accountants has recently announced its new president. Chris Heaton will be replaced by Phil Gregory, who is currently the Deputy President.
Boot’s Cautious Bearing
Henry Boot’s recent trading activity has led its managing director to release a statement of reserved resilience. Although the group was down last year by £27.2 million, trading has remained profitable in the year to date.
Diamond Dispersions Brilliant Boost
Diamond Dispersions, a specialist ink manufacturer based in the S9 area of Sheffield, has been given a £60,000 by The Viking Loan Fund.
Loan Negotiations for Corus
The company responsible for the buyout of Corus two years ago has asked for mitigation with its loans.
Arnold Laver’s Olympic Leap
Arnold Laver has today posted a 21% profit rise in its full year results. With a turnover of £111 million, and a profit of £6.4 million last year, the construction firm has a bright financial outlook.
Sheffield Insulations Group has announced today that further job cuts will be necessary to keep costs at a manageable level. Some branches will be closed and the firm plans to make redundancies both in the UK and mainland Europe.
PM Pays Forgemasters a Visit
Sheffield Forgemasters has recently proved that success is still possible in a difficult financial climate. Having recovered from a near bankruptcy situation back in 2003, the firm has gone from strength to strength since a management buyout. Today’s workforce stands at over 200 more people than in 2005.
Last week it was reported that Outokumpu is to make more redundancies at its melting shop in Sheffield. A further 110 jobs will be lost at the Sheffield plant, where consultations started on April 27. The firm’s financial outlook is certainly not promising, with figures recently published showing that Outokumpu lost €249 million in the first quarter of 2009 on sales down from €1.7 billion in the first quarter of 2008 to €679 million. This is clearly disappointing compared with the same quarter last year which raised a profit of €100 million. The workforce has been reduced from 290 workers operating on 18 shifts to around 140 but will still be operating for 15 shifts. This along with other costs saving programmes should amount to a total fixed cost savings will be in excess of €100 million in 2009, although the group expects underlying operational losses in the second quarter to be at the same level or slightly lower than in the first quarter.
Encouraging Outlook for UK Coal
Doncaster-based UK Coal’s recent financial announcements have filled those in the industry with a warm glow. Shares in the firm have reached a two month high, closing at the end of April on 115p. The firm has successfully won new contracts totalling 36 million tonnes. So although the firm reported a pre-tax loss of £15.6m for 2008, revenue actually grew almost 20 per cent to £392.6m. Drax, Eon and EDF Energy have renewed contracts with the company. Scottish and Southern Energy has signed up as a new customer starting later this year with deliveries to 2015 and have agreed to provide a loan, repayable over the period to 2014, to help finance the firm’s investment programme. UK Coal expects the cash flow benefits from the new contracts to be about £85m in 2009, plus another £15m in 2010.
Pendragon’s New Finance Plan
Pendragon – owner of car dealerships Stratstone and Evans Halshaw – has announced its new three year finance plan. The plan comes just in time to be released with the company’s annual results. In a year which included bottom-line losses of £200m and a deficit of £29.6m when excluding one-off items, the company has had to make serious cutbacks in a £60m cost reduction programme including selling 53 dealerships and 3,000 jobs. They have agreed a £530m finance facility in order to weather the gloomy expectations in the automobile industry for the coming year.
Although Taylor Wimpey has warned of further losses due to tumbling land values in "very challenging" markets, shares rose more than 20 % yesterday. The shares closed at 29p, a 23 per cent rise of 5.5p.
The rights of shareholders in Sheffield Insulations Group are in question this week after the company’s £325m fundraising move. The investors are due to meet on Thursday 9 April to give their opinions on its current direction.
ATH’s Renewed Energy
ATH Resources is a coal producer based in Doncaster, which mines in Scotland. Last week it was announced that they are on target as mining business is growing to their expectations.
Cranswick – Yorkshire manufacturer of premium sausages – has been on sizzling form over the past few weeks. Reporting a big leap in sales at the end of March, the company’s total sales for the year were 10 per cent higher on a like-for-like basis. A healthy all round set of figures for the company, with forecasters expecting pre-tax profits before exceptional items of £36.1m in the year to March 31. Cranswick is due to publicize its initial results for the year to March 31 on May 18.
Sheffield Forgemasters, based in Brightside Lane, Sheffield, has signed a £30m trade agreement with Indian power equipment maker Bharat Heavy Electricals Limited (BHEL). This is an excellent opportunity for Sheffield Forgemasters, providing a new geographical market for the company.
Last week Aviva announced that it would be making 1,100 job cuts by December, with the York and Norwich teams losing out the most as a result. However sites across Yorkshire will also be affected with Sky News announcing that both Sheffield and Leeds will see redundancies made.