rotherham business news

Tata Steel has reported its financial results for the fourth quarter and full year ended March 31 2016, the period which included the shock announcement that it was putting its entire UK assets up for sale.

Tata Steel has for a long time been warning that continuing cheap imports risk undermining Europe's steel industry and that uncompetitive energy costs and the strength of sterling are hurting its UK operations.

At the end of March, the Indian-owned steelmaker concluded that it is exploring all options for portfolio restructuring including the potential sale of Tata Steel UK, in whole or in parts. The formal process began on April 11 with contact made with 190 potential financial and industrial investors worldwide.

Seven bids were immediately taken forward to the next stage of the sale process but the Tata board, which met in Mumbai yesterday remains tight-lipped on the next stage of the process.

Koushik Chatterjee, Group Executive Director (Finance and Corporate) at Tata Steel, said: "Apart from the sale of some of the portfolio holdings during the year, the company has been actively reshaping its European portfolio. In April 2016, the Company signed a conditional sale agreement with Greybull Capital for the Long Products business of Europe, the process of the sale is currently ongoing.. The Company through the Tata Steel Europe Board is also reviewing all options for the UK Strip supply chain including a potential sale process which is under active consideration."

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Turnover for the European operations for the fourth quarter of 2016 was down from the previous quarter and from the same quarter of the previous year.

EBITDA (Earnings before taxes), saw Tata's European operations post a loss of £37m for the last quarter, a slight improvement from the £68m loss in quarter three but still down on the £106m profit posted in the fourth quarter of 2014.

With turnover down to £6.8 billion, EBITDA for the whole financial year saw a loss of £70m, a big turnaround from the £434m profit in the 2015 financial year.

The report stated: "Tata Steel Europe saw stable operational performance and deliveries in Q4 increased by 6% compared to Q3. In response to the import and price pressure, a tactical decision was made to focus on higher-value sales in the UK, rather than volume."

Speciality Steels in Rotherham and Stocksbridge has a £275m of turnover and is Tata Steel Europe's only Electric Arc Furnace (EAF) based business, specialising in carbon, alloy and stainless steels for demanding applications like aerospace, motorsports and oil and gas. Until recently it employed over 2,000 people. It is not considered a downstream business linked to Port Talbot and Tata Steel's strip products.

Hans Fischer, MD & CEO of Tata Steel in Europe, said: "We continued to invest in our customers over the last year by developing our manufacturing capability and by launching more than 30 new products. Our portfolio of new products is now approaching 150.

"We made further strides to improve the efficiency of our operations resulting in record productivity in various plants. We also took action to focus on higher-value sales and sales of differentiated products, which are now above a third of our total sales.

"Growing European steel demand was undermined by continued surging imports in 2015 – imports into the EU rose so fast that domestic deliveries declined, and prices came under further pressure. That's why it is vital the European Commission and national governments continue to strengthen action against unfair trade."

Tata Steel Europe website

Images: Tata Steel

The Government has launched a consultation on changes to the British Steel Pension Scheme (BSPS) - the huge pension liability with a £700m deficit that could be a deal-breaker for prospective buyers of Tata Steel's UK assets.

The consultation follows intense discussions between Tata Steel, the UK government, the pension scheme trustees and regulators to find the best option for members of the scheme.

At the end of March, the Indian-owned steelmaker concluded that it is exploring all options for portfolio restructuring including the potential sale of Tata Steel UK, in whole or in parts. The formal process began on April 11.

The consultation is seen as the first step in a potential unprecedented change to regulations which would enable the scheme to modify its benefits enabling it become self-sustaining and remain outside of the Pension Protection Fund - the safety net that provides compensation to members of eligible defined benefit pension schemes when things go wrong.

The scheme has 130,000 members. Of these, 14,000 are active (i.e. they are currently employed by Tata Steel or another sponsoring employer of the scheme), 32,000 are deferred (i.e. no longer employed by Tata Steel but below the scheme's normal pension age and with a pension not in payment) and 84,000 are pensioners.

The consultation states that: "According to December 2015 figures, the scheme has assets of £13.3 billion and liabilities based on running on with a solvent sponsoring employer of around £14 billion, so has a deficit estimated at around £700m on a technical provisions basis. However, the scheme is around £1.5 billion short of what would be needed to buy out benefits equivalent to Pension Protection Fund compensation levels (this is known as a section 179 basis in pensions legislation). The deficit to buy out the benefits in full is estimated to be around £7.5 billion."

Proposed changes would enable the Government to cut billions from longer term liabilities by switching the indexation of pension increases from the RPI inflation index to the usually lower CPI measure.

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The consultation adds: "Were Tata to sell Tata Steel UK, it is highly unlikely that a purchaser would be willing to take on the pension scheme as a part of the deal – the cost and risk to the purchaser would be too high for a successful sale. The scheme therefore needs to be separated from Tata Steel UK."

Tor Farquhar, human resources director for Tata Steel's European operations, said: "This is an important step forward which would enable a better outcome for the vast majority of members of the British Steel Pension Scheme than the benefits provided by the Pension Protection Fund. The consultation is also an important step that supports the prospect of securing a sustainable future for Tata Steel UK’s 11,000 employees."

The steel trade unions – Community, Unite and GMB issued a joint statement: "It is important that all stakeholders continue to explore all available options that avoid the need for the scheme to go into the PPF, which would be the worst deal for scheme members. We will seek to work constructively with the UK Government and the scheme trustees to deliver the best possible deal for our members. We need to ensure that there are cast iron safeguards in place so this unique situation does not result in employers dodging their pensions responsibilities.

"It is important to remember that Tata Steel remains the employer and sponsor of the BSPS. They have significant legal, social and moral responsibilities with regards to the British steel industry and those men and women who have worked and continue to work within it."

Strike action at Tata Steel was averted last year when members of all four unions at Tata Steel voted to accept changes to the BSPS which saw the scheme remain open.

Tata Steel website

Images: Tata Steel

The sale of 250 acres of land for £37m Gulliver's Family Theme Park resort can now be signed off after it was nodded through by the lead commissioner at Rotherham Council.

The authority made the "minded to" decision last year to enable them to negotiate the completion of the sale of 333 acres of greenbelt land located to the north of Rother Valley Country Park.

Gulliver's, the operators of theme parks in Warrington, Matlock Bath and Milton Keynes developed an initial masterplan for the first of their sites in the UK to encompass all their major family entertainment elements in one location with new attractions exclusive to Rotherham.

As a result of comments received at the pre-application public consultation on the development proposals and information gained during Gulliver's due diligence exercise that identified potential ground contamination on the site of the former Brookhouse Colliery, Gulliver's submitted a revised proposal to the Council to buy a reduced area of the site (approximately 250 acres rather than the full 330 acres).

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Commissioner Sir Derek Myers approved the disposal of the Pithouse West site at a meeting last week. Council officers in the Regeneration and Environment and Legal departments are now authorised to conclude the sale on the heads of terms already agreed.

The revised development proposal has not yet been out to consultation but it will still provide essentially the same scheme as previously consulted on albeit over a different development area.

The proposals for a year round destination aimed at 2 - 13 year olds include a theme park hub, woodland adventure centre, ecology and education centre, camping, up to 300 lodges, a hotel and holiday village. Expected to be built in four or five phases over 12 years, the theme park would come first and further developments would follow afterwards.

The development is expected to be funded through business profits with no borrowing requirements. When it is up and running there are likely to be 400 jobs at the park, a number that was likely to increase. Hundreds of jobs would be created through the construction period which is set to be sustainable and done by in-house and local suppliers.

Cllr. Denise Lelliott, Cabinet Member for Jobs and the Local Economy at Rotherham Council, said: "This represents a really exciting opportunity for Rotherham in terms of development for families but also for economic development, fetching approximately 255 jobs which will be created on this site. In addition to this there will be another 130 jobs approximately within the construction industry."

Damien Wilson, newly installed strategic director for Regeneration and Environment, talked about the importance of the deal. He told the meeting: "It is a real "good news story" for Rotherham that we are able to land this investment. This is significant ongoing investment over a 12 year period as the different phases are developed.

"It represents economic growth in a new sector - tourism is an area that we are trying to develop which is emphasised as part of the growth strategy. It also represents further diversification of the economy - a new area of work where we can create more investment opportunities.

"Importantly it is also a link, or an anchor point, in the borough for a major tourism draw. And if we link that with Wentworth [Woodhouse], and the developments we are likely to achieve in that area as well, you can see further reasons why people would come to the borough to visit, and perhaps to stay.

"There are risks, there's still risks around planning, and still risks around access, so there are certain things that we will have to overcome if we are to land this investment but there is a project team approach to this and we are working very, very closely with Gulliver's project team and our own team to ensure that we can overcome these key issues."

The sale will be dependent on securing planning permission. The latest agreement includes conditions that specify that a planning application from Gulliver's must be submitted by September 2016.

The excluded area at the North West will now be retained by the Council.

The Council has long had ambitions for the site to be transformed into a landmark leisure / tourism development on a national and international scale. Agreements relating to the YES! project and Visions of China developments were terminated due to the lack of progress.

Cllr. Chris Read, leader of Rotherham Council, said: "We've waited a long time for a project that seems this tangible and this close to delivery, even allowing for the hurdles still to be cleared so we wish it well."

Decisions made by commissioners cannot be called in.

Gulliver's Valley website

Images: Gulliver's

The Rotherham concession of menswear chain Austin Reed is one of the few operations to stay open after the buyer decided not take the bulk of the brands' stores as part of a deal to buy the company out of administration.

Alix Partners was appointed as administrator to the Austin Reed Group on April 26, a year after the retailer entered into a company voluntary arrangement (CVA) and closed more than 30 underperforming stores.

Founded in 1900, the upmarket chain had around 70 stores with a large flagship store located on Regent Street, London. The group also owned the Viyella and Country Casuals chains of fashion stores.

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The administrators have not been able to secure a viable solution to keep the business as a whole and it is set to cease trading.

AlixPartners sold five Austin Reed concession stores operating within Boundary Mills shopping outlets to retail chain Edinburgh Woollen Mill, saving 28 jobs.

This includes the concession in the Boundary Mill outlet which took over the former Big W store at Catcliffe in 2012. The 130,000 sq ft store had been empty since Woolworths went into administration in 2008.

High Street stores, including the one at Meadowhall in Sheffield, are set to close by the end of June.

Peter Saville of administrator AlixPartners said: "We have explored all options to sell the business since our appointment and continued to trade the business with the support of the secured creditors in what is clearly an extremely challenging retail environment. Despite a significant number of interested parties coming forward it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming. We have made the difficult decision to cease trading."

Edinburgh Woollen Mill also bought the Austin Reed and Country Casuals brand. The group operates retail and destination outlets and acquired 77 stores from struggling Rotherham-based retailer, Rosebys in 2008.

Edinburgh Woollen Mill website
Boundary Mill website
Images: Boundary Mill

Wentworth Brewery, the independent brewery based in the historic village of Wentworth in Rotherham, has ceased to trade and the facility is up for sale.

Opened in September 1999, the brewery is based in the old power house on the Wentworth Estate, know as the "Gun Park," which provided the electricity power supply for Wentworth Woodhouse.

Award-winning ales from the brewery included local favourites - WPA and Gryphon - and were supplied to hotels, pubs and supermarkets. The company grew and also began bottling Wentworth spring water but brewing stopped last week.

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A creditor's meeting is scheduled for next week and XL Business Solutions has been named as the proposed liquidator of Wentworth Brewery Limited. Chartered surveyors, Walker Singleton has been appointed to lead on the sale of the business.

Jeremy Bleazard of XL Business Solutions, said: "The brewery has experienced a difficult trading period, due mainly to issues associated with meeting its duty and tax commitments. Prior to these issues the brewery had operated viably."

Progressive Beer Duty is a beer duty system that allows smaller breweries to pay less tax on their products. Critics argue that the system is squeezing middle ranking regional operations.

Daniel Hey, associate at Walker Singleton, added: "Significant investment has been committed to the installation of both the brewery and bottling plant. The brewery has benefited from the support and association of the Wentworth Estate, not just in its name. As landlords, the Estate has indicated a willingness to talk to prospective tenants over continued occupancy of the property which opens the opportunity for an astute buyer, recognising the current resurgence and demand for craft ales, to acquire a "turn-key" micro-brewery."

The micro-brewery and bottling facility has been put up for sale. The brewery has a capacity of 25 barrels and includes stainless steel tuns and tanks. The bottling operation has the capacity of 1,200 bottles per hour.

The premises are occupied on a leasehold basis and the landlord has declared a willingness to grant a lease to a new entity moving forward. Key personnel may be available to discuss future roles with any prospective purchaser.

Wentworth Brewery website

Images: Walker Singleton

The BHS store in Rotherham is in "close-down sale mode" after administrators called in liquidators having failed to find a suitable buyer for the national retailer.

BHS Group Ltd was acquired by Retail Acquisitions Ltd in March 2015 from the Acardia group. The department store operates some 164 outlets in the UK and was acquired by Sir Philip Green's Arcadia in May 2000.

In the same month it denied that a list of 52 stores were those being considered for disposal. The list included BHS stores at Parkgate Shopping in Rotherham and at Meadowhall in Sheffield.

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Working with restructuring professionals at KPMG, the owners announced details in March this year of a proposed company voluntary arrangement (CVA) which divided BHS's 164 store portfolio into three main categories, based on the commercial viability and strategic importance of each site.

Administrators, Duff & Phelps have now confirmed that all stores are closing as part of an "orderly wind-down” of the business.

BHS has seen its profitability decline as it has sought to respond to changing customer behaviours, increased competition and the rise in omni-channel retailing. It also has a reported pension defect of £571m.

Duff & Phelps said in a statement: "Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business.

"Although multiple offers were received, none were able to complete a deal due to the working capital required to secure the future of the company.

"Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales."

Images: Parkgate Shopping

Pricecheck has again made it in the Sunday Times HSBC International Track 200 - the lists that ranks Britain's mid-market private companies with the fastest-growing international sales over the last two years.

Pricecheck is a leading supplier of international branded consumer goods, working predominately in the health and beauty sector, dealing with discounted clearance stock. It won the Queen's Award for International Trade 2015 for continuous and cumulative overseas export earnings growth of 283% over six years, from £3m in 2009, to £12m in 2014.

Earlier this year, the family firm made a £1m move to a 113,000 sq ft state of the art building at Beighton Link, just over the border in Rotherham, where it aims to double turnover from £40m to an anticipated £80m, and increase staff numbers to 150 over a five year period.

Debbie Harrison, joint managing director at Pricecheck, said: "Export is a major focus for Pricecheck, contributing around a third of our annual turnover. International trade will continue to be a significant part of our ongoing expansion plans as we work with new and existing territories.

"We are delighted to add this to our growing list of accolades, which includes the Queen's Award for Enterprise in International Trade, the 2015 Sheffield Business Awards Export Business of the Year, multiple Yorkshire Post Fastest 50 appearances as well as numerous rankings on previous Sunday Times HSBC International Track lists.

"2016 has been an eventful year so far thanks to our move to a new larger premises, an increased staff force and the Queens Award presentation. We look forward to building on this success and making it Pricecheck's most successful year yet!"

Pricecheck, which exports to 75 countries was ranked at 195th on the list, joining the likes of Cath Kidson, Baxters and Brewdog.

Compiled by Fast Track, the Oxford-based research and networking events firm, the league table has Pricecheck with international sales of £13.2m and annual international sales growth over two years of 17%.

Pricecheck has previously received Sunday Times Profit Track Awards, International Track Awards.

Also making the list again is X-Cel Superturn, a global manufacturer of machined components, that is expanding into new premises on the Advanced Manufacturing Park (AMP) in Rotherham.

In 2012, the Attercliffe firm announced that it would expand its current operations to a new 10,000 sq ft facility on the AMP. Fitted with the latest CNC machinery, the facility manufactures proprietary metal seals and drill parts for the Subsea and Surface Tree manufacturers around the globe. The company is now expanding into a 30,000 sq ft industrial unit on the site.

Ranked at 85th, with international sales of £18.2m, X-Cel Superturn has an impressive annual international sales growth over two years of 42%.

Pricecheck website

Images: Pricecheck

Proposals are being developed in the hope of securing millions in Government funding for massive transport projects in the Sheffield city region (SCR).

The Department for Transport (DfT) has invited Local Enterprise Partnerships (LEPs) to bid into a £475m Large Local Major Schemes fund, which forms part of the Local Growth Fund and was announced in the 2016 Budget. The purpose is to fund "exceptionally large, transformational schemes that are too big to be taken forward within regular growth allocations and could not otherwise be funded."

The criteria mean that for the Sheffield city region, the minimum scheme size is £75m.

The SCR Executive team took on transport strategy from the SYPTE and has been working on which large transport schemes fit the funding criteria.

They are:

- SCR Mass Transit Phase 1 - a massive replacement, refurbishment and possible extension of the Sheffield Supertram system
- Advanced Manufacturing Innovation District (AMID) - Namely addressing congestion at J33-J34 of the M1
- Pan Northern Connectivity - a new Trans-Pennine through route linking the SCR with Manchester and the Humber ports

Funding has been allocated in order for the business cases to be worked up and the LEP and Combined Authority are being asked to sign off the potential bids before the submission deadline in July. Decisions on successful projects could come at the Autumn statement 2016..

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The concession for running the Supertram sytem, currently held by operator, Stagecoach, ends in 2024. Securing further Government funding for refurbishment would ensure that it could run for another 30 years.

Opened in 1994, Sheffield's Supertram system cost a reported £240m and now serves major residential and employment sites in Sheffield. A delayed tram-train pilot project is set to bring new vehicles to Rotherham in 2017.

The SYPTE had a deficit of £30.5m on its general reserve budget relating to part of the construction of the Sheffield tram network and extended loans in 2014 that will mean it will still be paying for initial work into 2034.

A major programme of rail replacement works on the network is also underway, with the majority of work being undertaken during the next five years at an estimated capital cost of £32m. The latest part sees £1m via the LEP set to be used on a £4m project to replace 3.3km of track from Sheffield city centre to Gleadless Townend.

The latest scheme covers the replacement of assets that are reaching the end of their economic life, including the replacement of the existing fleet of vehicles. This scheme also forms the foundation to allow future tram/tram train based mass transit extensions to support key growth areas across the SCR with enhanced connectivity.

The AMID involves "supercharging" the areas of advanced manufacturing in the Sheffield-Rotherham Economic Corridor. Based around the Advanced Manufacturing Park (AMP) in Rotherham and surrounding Enterprise Zone, the aim is to develop Europe's largest research-led advanced manufacturing cluster.

A potential £600m centre of excellence in metals and materials manufacturing would include campus developments and industrial space and connect the AMP area, key companies in the broader Don Valley, and the city centres. The transport project involves providing high quality access to AMID, supporting and enabling growth.

Multimillion pound work has taken place to widen exit slip roads and roundabouts at J33 and Rotherham's capital strategy includes a £45m plan to widen the Parkway to three lanes between the M1 and Catcliffe. Development is also being constrained by J34 at Meadowhall.

The Pan Northern Connectivity project aims to unlock constrained development across the north through a new east-west corridor to the Humber ports, building on and enhancing the case for the trans Pennine tunnel from Manchester to the M1. In addition to developing sections of new carriageway to the Humber ports, it will focus on how the whole of the SCR could access a potential Trans-Pennine tunnel.

Images: SYPTE / AMRC / Bond Bryan

Rotherham-based Gala Tent Ltd, one of the UK's leading producers of marquees, tents and pop-up gazebos, has recruited five additional permanent members of staff to its sales and operations teams after seeing demand rise within its market stalls and printing divisions during the first half of the year.

Founded in 1999, Gala Tent has grown to sell over 15,000 tents and marquees each year, along with around 100,000 event accessories and furniture products. It grew from a table top operation in Grimethorpe to a company with a turnover of £10m having moved into new 53,000 sq ft headquarters at Fairfield Park in Manvers in 2011.

The firm has seen sales grow by more than 13% compared to the first half of 2015, with both UK and European sales helping to increase its market share.

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Over the past twelve months the company has secured national contracts with a number of market trade organisations including NABMA, FARMA, Love Your Local Market, Teenage Markets and Groupe Geraud, as well as supplying outdoor market stalls to a number of local authorities across the UK - including 95 to Rotherham's award-winning outdoor street market.

The company's dedicated printing division, which was launched in January 2014, specialises in large-scale print including exhibition stands, signage and even customised wallpaper which has seen orders increase by 100%.

Jason Mace, managing director at Gala Tent, said sales figures "Have just got better and better."

He added: "We have had a brilliant couple of years sales-wise and the first six months of 2016 have been especially successful, with the company not only achieving growth in the UK, but across Europe. We currently export our products to 11 countries across Europe, securing a number of notable new clients.

"Over the past twelve months we have concentrated upon building our presence with the market trade and motorsport sectors, and the investment we have made is paying off. It has prompted us to invest in our staff and the five new recruits will be responsible for driving future growth within the business, with three taking up roles in the company’s sales team and the other two taking up roles within the company's printing division."

Gala Tent website

Images: Gala Tent

Sutton McGrath Hartley, the growing firm of chartered accountants and tax advisers, has opened a new office in Rotherham town centre.

The firm, which spans South Yorkshire and North Derbyshire, has a core business of accountancy and taxation services, but also employs lawyers and financial advisers. It helps clients across all stages of their development, through business acquisitions, strategic planning, financial forecasting, accessing finance for business growth or developing a suitable exit strategy.

David Sutton, managing partner at Sutton McGrath Hartley (pictured, left), said: "For the past few years we had been developing our "full service" offering, so that our clients don't have to go out to multiple firms when they need professional advice on complex interrelated financial matters. The aim is to cut the risk of mistakes and oversight that arise when professionals from different firms don’t communicate effectively. This reduces our clients' costs whilst optimising their financial outcomes.

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"For example, a business owner might traditionally have used one firm for accountancy & tax services, another for legal advice, and yet another for financial planning. The accountants might have been more involved on the business side of things, the financial planners with the owner's personal affairs, and the lawyers only on an ad hoc basis. The fact that they worked in different offices and had different agendas could result in duplicated time & fees and/or conflicting advice, either of which is bad for the client.

"We have circumvented this problem by employing all the professionals we need under one roof, thus ensuring a ‘joined up’ approach. We employ Chartered Accountants, Chartered Tax Advisers, Financial Planners, Lawyers, and Trust & Estate practitioners; our staff are therefore the most highly qualified and experienced professionals there are in these fields. Furthermore, they all work closely together & have possessions of all the facts, so we can guarantee that our clients receive best advice from all perspectives.

"Our Sheffield and Chesterfield offices are proof that this approach works, and we are now keen to provide the same level of service in Rotherham which has a vibrant business community which we need to play a bigger part in. As a firm we are now rivalling the larger independent firms in the region and having a physical presence in the main towns in the region is an essential part of our growth strategy."

The new Rotherham office is at 12 The Crofts, in the financial and professional services district around the Town Hall.

Last year, property agents, Burgess Commercial secured the successful disposal of the freehold of two stone-fronted office buildings, previously occupied by the chamber of commerce, known as 11 and 12 The Crofts. It was acquired by Davison Property Investments, a privately held, Sheffield-based investment group with a wide portfolio.

Kate Wilkinson, a partner in the Rotherham office (pictured, centre), said: "Opening a multi service office in Rotherham was the obvious next step for the firm. It allows us to be closer to our existing Rotherham based clients who will be able to tap into the full range of services on offer at Sutton McGrath Hartley but also to build on this and attract new business from the area.

"There aren't many accountancy practices in Rotherham of our size which offer a complete range of services like we do, so we are bringing added expertise as well as a first class personal service to the town."

Sutton McGrath Hartley website

Images: Sutton McGrath Hartley

Tata Steel is considering selling off some of its UK assets separately according to reports in a national newspaper.

The Indian-owned steelmaker concluded that it is exploring all options for portfolio restructuring including the potential sale of Tata Steel UK, in whole or in parts. The formal process began on April 11 with contact made with 190 potential financial and industrial investors worldwide.

Seven suitors made it through to the next stage but some believe that Tata may even stay in the UK and keep some of its assets, especially as the Government examines pension liabilities and offers financial support. Port Talbot has been turned around since the much publicised £1m a day losses.

Now the Financial Times reports that despite having rejected bids from investors seeking to cherry-pick parts of the operation, Tata now seems open to selling off individual units of the UK business.

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Not a great prospect for the blast furnace at Port Talbot, it would make sense for the standalone Speciality Steels business in South Yorkshire. Tata Steel Europe's only Electric Arc Furnace based business produces around 225,000 tonnes of steel with a £275m turnover. Until recently it employed over 2,000 people at sites like Aldwarke and Stocksbridge. It is not considered a downstream business linked to Port Talbot and Tata Steel's strip products.

When asked about the Port Talbot works and selling off separate parts of the UK business by the BIS Committee in April, Bimlendra Jha, CEO of Tata Steel UK, said: "We have to find a solution to the whole. In finding that solution for the whole, if there are some very small parts, and independent parts, we can deal with it. But we would not deal with it that somebody says: "Leave alone Port Talbot and give us the rest," that's not a solution that is acceptable."

The FT states that: "The Government and Tata privately agree that the strongest candidates are JSW Steel of India and a joint bid between Endless, a UK private equity fund, and Wilbur Ross, a veteran US turnround investor, because of their financial positions."

It adds that Albion Steel, a new vehicle led by former Corus CEO, Tony Pedder, is lining up behind JSW with a view to acquiring Tata's specialist steels division in South Yorkshire.

As bidding opened, a spokesperson for Albion Steel said: "This opportunity is a complex one which has best prospect of successful execution if Tata is prepared to approach its disposal plans in a different way and to engage strategically with Albion and other interested parties to seek a negotiated structure."

The sale of Tata Steel's Long Products division to Greybull took two years and, whilst timescales for the sale of the remaining assets have not been given, the company has stressed the sense of urgency in order to remove uncertainty for employees, suppliers, customers and shareholders.

Tata Steel website

Images: Tata Steel

Rotherham-based retailer, Fishing Republic has landed £3.75m from big name investors as it carries out its expansion plans by snapping up smaller, often family-owned fishing retail businesses.

The placing of ten million new shares at 15p per share in June 2015 raised £1.5m for the Eastwood company that is already one of the largest retailers of fishing tackle in the UK by floorspace.

Floating on AIM, the directors believe that Fishing Republic is the only participant in the market looking to act as a consolidator. It has now raised £3.75m through a placing of 10,714,288 new ordinary shares of 1p each at a price of 35p per placing share. The placing, which was heavily oversubscribed, was undertaken by the company's broker Northland Capital Partners.

Announcing the placing to the stock market, Fishing Republic said in a statement: "The net proceeds of the Placing will be used to support Fishing Republic's continuing expansion as it seeks to build a significant market presence in the highly fragmented fishing tackle sector. In particular, the new funds will be used to develop Fishing Republic's online platform and digital strategy, and to support further store openings, including potential acquisitions."

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Amongst the new shareholders, Fishing Republic announced that Bill Currie, Iain McDonald and Sir Terry Leahy have agreed to subscribe for, in aggregate, 6,014,286 placing shares, which will equate to a combined shareholding of 15.9% of the company's issued share capital.

Leahy is the current chairman of fast-growing discount retailer, B&M. He is the former chief executive of Tesco.

After leaving stockbroking, Bill Currie founded an investment office, The William Currie Group, and The Fragrance Shop. The William Currie Group, of which McDonald is currently a partner, is a private family office with interests in technology and e-commerce investments.

In addition, James Newman, the chairman of Fishing Republic, has subscribed for 28,571 placing shares.

"Encouraging results in line with market expectations" were reported for the year ended December 31 2015. Sales for the year as a whole increased by 22% to £4.12m, compared to the £3.39m in 2014, with sales in the second half after launching on the stock exchange rising by 45% year-on-year.

The additional costs of being a quoted company and increased marketing expenditure meant that the group reported profit before tax (which includes expensed IPO costs of £299,000) was £5,700, down from £295,000 in 2014. However, the group's gross profit increased by 21% to £1.88m (2014: £1.55m).

Shares are now trading at 40p.

Fishing Republic website

Images: Fishing Republic

A number of key regeneration and business support projects in the Sheffield city region face a funding black hole if European Union (EU) structural funding allocated to the region is not replaced.

Over €200m in EU funding was expected to be used to support businesses, inward investment, infrastructure, innovation and social inclusion in the Sheffield city region (SCR) until 2020.

LEPs were charged by the Government with putting together local growth plans that are the basis on which the Government negotiates deals with each LEP for new levers, resources, funding and flexibility over them.

The Sheffield city region LEP's Growth Plan, which set an ambitious target of creating 70,000 new jobs in the Sheffield city region (SCR) by 2023, was submitted to the Government in 2013. Currently being refreshed, the use of structural funding from the EU is integral to meeting the targets.

The LEP's EU Structural Investment Fund Strategy was only updated this year and sets out how €203m (£175m) of funding would be used, based around six main priorities: supporting and creating new businesses; growing existing businesses; attracting incoming businesses; increasing exporting; developing the skills base and labour mobility; improving and enhancing infrastructure.

With the historic result of the EU Referendum, it is not yet clear how the UK Government will react to the apparent loss of the structural funding that is designed to strengthen economic and social cohesion in the European Union by correcting imbalances between its regions.

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Following the EU referendum vote, Sir Nigel Knowles, chairman of the Sheffield City Region Local Enterprise Partnership (SCR LEP), said: "The focus of the SCR LEP remains the same as it was before the referendum, which is to do everything in its power to continue to deliver the devolution deal it secured, with localised investment and power to the region.

"The strength and potential of this region is in no way diminished by the result today. The north of England has led and fostered many changes in its history and centuries have confirmed that when it focuses on getting things done, pragmatically and tenaciously, it is successful. We are here to ensure that promises made in Westminster are kept, that the region hits its strategic targets and that in the coming years we are not distracted from our task.

"No doubt there will be changes in the economic and political landscape in the UK and opportunities will arise. We will be vigilant and ready to take advantage of such opportunities that will benefit the Sheffield City Region. Our job is unchanged, and we will continue to do that for every resident and business here today and in the future."

Six calls were made by the SCR via the Government last year in a bid to secure £17m in EU funds for support in relation to international trade, investment into Enterprise Zones and innovation capital. Calls to secure £12m have been made this year to support SME's, self-employment, renewable energy projects, and improve access to IT.

Through its devolution deals, the Combined Authority was pushing to be given Intermediate Body status and more control over how European funding was spent.

The SCR Growth Hub, the model that coordinates and simplifies business support so that it joins up national, local, public and private business provisions across the city region, has core funding of £4.82m. It estimated that it would bring together a £22m Business Investment Fund, a Skills Bank fund of more than £17m and "access to the Sheffield City Region European Structural Funds of approximately £90m."

Other key investments are the Sheffield City Region Investment Fund (SCRIF) which matches EU funds to other funds and private sector investment in order to deliver infrastructure solutions. A £51m property investment fund was being finalised to help kick-start development. It was set to use £23m in European funds, £18m from the city region's allocation of the Growing Places Fund (GPF) and £10m from the SCRIF.

The Sheffield city region was also expected to be part of the new £400m Northern Powerhouse Investment Fund (NPIF) that was set to launch later this year. Tendering is underway for specialist fund managers, who would make the individual investments in smaller businesses.

The NPIF was announced in the Autumn Statement 2015. The British Business Bank is all set to invest £50m of its own capital, matched by an additional £50m from the European Investment Bank. LEPs, including Sheffield, are working with the British Business Bank and Department for Communities and Local Government to aggregate the European money they were allocated into a combined fund.

The UK has a 16.11% shareholding in the European Investment Bank and is one of the four main shareholders. The bank said in a statement: "It is premature to speculate on the impact of the referendum result on the EIB, including the Bank's future relationship with the UK government and its future engagement to support long-term investment in the UK without clarity on the timing, circumstances and conditions of a withdrawal settlement."

The SCR was part of a legal battle over the how the coalition Government allocated the funds. In the previous settlement, South Yorkshire received €410m. It was allocated €180m for 2014-2020.

SCR LEP website

Images: European Commission / SCR LEP

Veteran City financier and pension scheme rescuer, Edmund Truell is working on a £1 bid for Tata Steel UK, according to reports in a national newspaper.

The deal could lead to the steelworks in Rotherham and Sheffield being sold on without the pension fund liability.

The Indian-owned steelmaker concluded that it is exploring all options for portfolio restructuring including the potential sale of Tata Steel UK, in whole or in parts. The formal process began on April 11 with contact made with 190 potential financial and industrial investors worldwide.

Seven suitors made it through to the next stage but some believe that Tata may even stay in the UK and keep some of its assets, especially as the Government examines pension liabilities and offers financial support. Port Talbot has been turned around since the much publicised £1m a day losses.

The Times reports that venture capitalist, Edmund Truell - the pensions and investment adviser to Boris Johnson, has started talks with Tata Steel, the pensions regulator and the Treasury to outline his plan to save the UK assets.

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The British Steel Pension Scheme (BSPS) is a huge pension liability with a £700m deficit that could be a deal-breaker for prospective buyers. The Government has recently closed consultation on the scheme - seen as the first step in a potential unprecedented change to regulations which would enable the scheme to modify its benefits enabling it become self-sustaining and remain outside of the Pension Protection Fund - the safety net that provides compensation to members of eligible defined benefit pension schemes when things go wrong.

Proposed changes would enable the Government to cut billions from longer term liabilities by switching the indexation of pension increases from the RPI inflation index to the usually lower CPI measure.

It is now reported that Truell is planning to take control of Tata's operations, including Port Talbot and the Speciality Steels business in South Yorkshire, and then selling them, as separate entities or together, without the pension fund.

The scheme has 130,000 members with assets of £13.3 billion and liabilities. Having taken over the pension fund, risk insurance and hedges in the reinsurance market would be used to offset longevity among members and future rates of inflation.

Albion Steel, a new vehicle led by former Corus CEO, Tony Pedder, has been trying to take on the Speciality Steels business which has a £275m of turnover and is Tata Steel Europe's only Electric Arc Furnace (EAF) based business, specialising in carbon, alloy and stainless steels for demanding applications like aerospace, motorsports and oil and gas.

Edmund Truell has 30 years of financial services experience including leadership positions in banking, private equity, pensions, insurance and debt investment. After selling out of Duke Street Capital in March 2007, he co-founded with his brother Danny, a regulated insurance company, Pension Insurance Corporation, which now has over £10 billion in assets under management and has insured some 100,000 pension fund members. In 2013, he was appointed as chairman of the London Pension Fund Authority, which has £4.8 billion of assets.

Images: Tata Steel

A deal appears to be close for Kiveton Park Steel, the award-winning Rotherham-based manufacturer that entered administration at the end of 2015.

Established in 1922, the family company originally produced items used within the UK mining industry and also supplied specialised products into the defence and aircraft industries. It has developed its unique range of production equipment to ensure that the 227,881 sq ft manufacturing facility at Dog Kennel Hill in Kiveton Park is suited to supply chain requirements for critical parts within the global automotive markets, principally supplying Tier 1 and Tier 2 companies.

Phil Pierce and Ben Woolrych, partners of FRP Advisory, were appointed as administrators after the business faced unsustainable pressure on its cash-flow due to a sharp deterioration within the specialist steel market.

A prospective purchaser was selected for the historic firm by the administrators in April and now Sky News claims that Henry Dickinson, an owner of several UK industrial businesses, is close to securing a deal that is expected to save roughly 50 jobs from workforce that was over 100 before the company entered administration.

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Turnover for the year ending June 2011 was up by 50% to £27m, by June 2014 this was back down to £19.4m. For the year to June 30 2015, turnover had fallen to £16.2m and the business reported a loss of £1.3m.

Key customer supply agreements were arranged which ensured the company has sufficient funding to continue to trade until the end of June 2016 whilst the joint administrators marketed the business for sale and continued to engage with third parties who have been interested in investing in the business. Automotive suppliers, Delphi and TRW are the company's main customers.

The agreements secured jobs for the approximately 100 staff associated with the business.

A progress report from FRP Advisory states that a further three expressions of interest were received since the initial 13 reported in November. More parties have been interested in the assets of the business on a break up basis but this has not been pursued.

The administrators stated: "We have received offers from four interested parties which we have rejected because the offers were not considered to offer best value for the assets. However, we have received one offer from another interested party which is acceptable.

"The prospective purchaser has provided evidence of funding and has reached agreement with Delphi in relation to ongoing supply.

"We are not in a position to reveal the level of offer or the identity of the prospective purchaser, however, we can confirm that the prospective purchaser is an unconnected third party."

It was hoped that a deal could be completed by the end of April 2016. It was agreed that if the sale completes, the new business will take on the assets whilst the trading liabilities of the current business are settled and the company is liquidated.

If the sale falls through, the current business will be wound down and assets will be sold on a piecemeal basis.

Chartered surveyors, Walker Singleton has been engaged by the administrators and has scheduled an auction in August for Kiveton's processing facility. The company said: "The business is still trading; during this period the potential of a business sale remains. Preparation for an auction will commence once trading ceases. Further updates will be made over the forthcoming weeks."

Kiveton Park Steel website

Images: Kiveton Park Steel

The new owner of Kiveton Park Steel is looking ahead to a brighter future at the award-winning Rotherham-based manufacturer, now that the uncertainty around being in administration has been lifted.

Henry Dickinson, the owner of several UK industrial businesses, concluded a deal to buy the business this week which allows for the business to continue to trade as Kiveton Park Steel from the same 15 acre premises Dog Kennel Hill in Kiveton Park and secures job opportunities for around 50 staff under new ownership. It follows nine months of continuous trading in administration which had provided ongoing work for 100 staff during one of the most turbulent periods of recent history for the UK steel industry.

Established in 1922, the family company originally produced items used within the UK mining industry and also supplied specialised products into the defence and aircraft industries. It is very widely regarded around the world as producing the highest quality cold drawn steel bar, used in a variety of technically demanding applications in the automotive, aerospace and high-end engineering industries.

Phil Pierce and Ben Woolrych, partners of FRP Advisory, were appointed as administrators last year after the business, which traded under continuous family ownership, faced unsustainable pressure on its cash-flow due to a sharp deterioration within the specialist steel market.

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Key customer supply agreements were arranged which ensured the company had sufficient funding to continue to trade until the end of June 2016 whilst the joint administrators marketed the business for sale. FRP Advisory negotiated with a total of 16 different parties interested in the business and assets, resulting in a number of competing offers out of which the offer from Mr Dickinson provided the best long-term solution for the business' on-going trading and assets, its long term loyal customers, staff and the company's creditors.

Henry Dickinson, owner of Kiveton Park Steel, was grateful for the support from key customers such as Delphi Automotive and added: "I would like to acknowledge the support of Sheffield City Region in offering the business significant grant funding under the Business Investment Finance initiative, which helped enable the acquisition to take place, and the constructive approach taken by Community Union and employee representatives in these challenging circumstances.

"Approximately 50 of the 100 jobs will be safeguarded. As many customers have been lost during the Administration process due to fears the business would be closed, a significant number of redundancies are required to allow the business to trade on an even keel."

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Phil Pierce, partner at FRP Advisory and joint administrator, said: "The sale is a great result not just for Kiveton Park Steel, Sheffield and the wider Yorkshire economy, is also encouraging for the steel industry across the UK which continues to meet the challenge of global competition.

"Amid the wider acute political uncertainty around the UK's relationship with the EU, the sale to Mr Dickinson may provide a signal of confidence in the regional economy which will be welcome to the people of Sheffield and South Yorkshire.

"We are grateful to the support of Kiveton Park Steel's customers throughout this long process, which allowed the administrators the time to secure the best possible long term outcome for the ongoing business while ensuring 100 staff were kept in work both through the critical three month period up to Christmas last year and then another six months this year.

"We would particularly like to thank all staff for their dedication and loyalty, helping the business to continue to deliver the quality products its customers have come to expect. We wish all those involved with the on-going business the very best for the future under the new ownership of British manufacturing and engineering owner-operator Henry Dickinson."

The transaction has been supported by ABN AMRO Commercial Finance. Its comprehensive asset based lending package provides acquisition funding for the deal and growth finance for the business.

ABN AMRO Commercial Finance was advised by Dean Gormley, banking & finance partner at Irwin Mitchell.

James Elliott, business development manager at ABN AMRO, said: "The UK steel industry continues to face some very tough trading conditions and this rescue deal therefore provides some much needed positivity for the sector. Henry Dickinson is looking to take the business forward and is confident that Kiveton Park Steel, with its processing capability and loyal customer base, has a viable future."

Kiveton Park Steel website

Images: Walker Singleton

Crawshaw Group PLC, the Rotherham-based fresh meat and food to go retailer, has appointed another senior industry figure to its management team as it continues its growth plan.

The AIM-listed firm is based at Hellaby and has set itself an ambitious target of 200 shops within eight years. The plan involves investing £200m and creating 2,500 jobs. In 2014 it announced details of the placing of new shares in a bid to raise nearly £9m to support the acceleration of its store opening programme. To deliver the plan, Noel Collett, formerly Lidl's chief operating officer for the UK business, was appointed as CEO at Crawshaw.

Now Ken McMeikan (pictured) has been appointed as a non-executive director, bringing 25 years' worth of senior retail experience. McMeikan is moving from the position of group CEO of the Brakes Group, a leading pan-European foodservice company, a position he has held since 2013. Prior to this, McMeikan was group CEO of Greggs Plc, the UK's leading bakery food-on-the-go retailer, a position he held from 2008-2013. Additionally, Ken has a combined 18 years of senior retail experience with both Tesco and Sainsbury's.

Richard Rose, chairman at Crawshaw Group, said: "We are delighted to announce today the appointment of Ken McMeikan as a non-executive director of Crawshaw. Ken brings a wealth of foodservice, food retailing and high street experience along with expertise in business strategy development during periods of accelerated high street expansion and sales growth. We are excited by Ken's appointment and look forward to him further strengthening our senior management team during our growth phase."

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The company also updated the stock market with a trading and strategic update for the 20 weeks June 19 2016. Group sales were up 37% for the first 20 weeks of the financial year with like-for-like sales down 1.9% for the same period. The company put this down to soft retail conditions on the High Street.

The rollout plan continues with an additional eight trading stores already opened in the financial year to date, taking the portfolio to 47 stores. In June Crawshaws opened its first standalone fresh meat factory shop in West Bromwich with a second set to open in the summer. A first fresh-meat-only store on the high street, which unlocks further opportunities to expand into smaller footprint retail space, is also scheduled to open.

Noel Collett, CEO at Crawshaw Group, said: "We have made a good start to the year. Our trading performance has been in line with expectations as we effectively manage the balance of sales and margin in our like-for-like estate, and our growth strategy continues to progress well.

"In the last couple of weeks, we have seen some distorted and suppressed footfall patterns created through the combined impacts of the start of the international football championships, the adverse persistent weather and the build up to the EU Referendum. It is too early to judge if the vote to leave the EU impacts consumer confidence in the medium term, but clearly our retail format of quality fresh meat at value prices means we are well placed to delight new and existing customers with our offer should disposable income become stretched."

Rotherham-based United Carpets, the second largest chain of specialist retail carpet and floor covering stores in the UK, has appointed its operations director Paul Newton as an executive director.

Having worked in the flooring sector for some 31 years, Newton has been operations Ddirector at United Carpets since September 2011, having previously held senior executive roles in two major flooring retailers. He is responsible for the retail operations of the company's network of corporate and franchised stores.

Paul Eyre, chief executive at United Carpets, said: "We are delighted to announce the appointment of Paul and would like to welcome him to the Board. With his extensive knowledge of the Company having worked with us for some six years, we are confident of his increased contribution to United Carpets."

In 2012, the Bramley-based, AIM-listed company underwent a pre-pack administration deal. It recently reported that the improved trading performance seen in the first half of the financial year ending March 31 2016 continued into the second half of the financial year. On a like for like basis, sales for the second half increased by 6.4% against the comparable period last year.

Crawshaw website
United Carpets website

Images: Brakes

Rotherham's LASER Credit Union has moved quickly to reassure savers that their money is safe after operations were affected when staff were refused entry into their own premises by new landlords.

The organisation, which has been running since 2003, offers low cost loans to members, as well as saving schemes with competitive returns. It operates on a not-for-profit basis and provides an alternative to the big banks.

A statement from LASER read: "LASER Credit Union sincerely apologies to its customers for the inconvenience caused by the unforeseen closure of the office.

"LASER Credit Union business activities have been disrupted by actions outside our control. Rumours about our financial position are false. Please be assured that all members savings are safe as they are covered by the Financial Services Compensation Scheme guarantee.

"I would like to reassure you as members that LASER is in business and we are working hard to be up and running as soon as possible."

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The credit union operates from Units 9 & 10 in the Old Town Hall in Rotherham town centre. Rothbiz reported last month that the majority of the converted Old Town Hall building was bought having first failed to sell at a recent auction.

The new landlord has refused to finalise the lease that had been negotiated with the previous landlord and has refused to let staff into their offices.

A statement from Rotherham Council, who supported the move to the current premises, said: "Rotherham Council is providing support and assistance to Laser Credit Union, who are temporarily unable to access their usual premises, and are therefore unable to deliver their services.

"We have offered help and support to Laser to get their services up and running again as quickly as possible. Where individuals have contacted the Council directly, we are working to provide the appropriate levels of advice and practical help in the interim.

"We are directing people – including via the Council’s website – to the Laser website, which will be the key point for information once more becomes available."

LASER Credit Union website

Images: LASER Credit Union

Tata Steel will proceed with the sale of its speciality steel making business, whilst pausing the sale of most of its UK business, including Port Talbot - according to a report by the BBC.

The Indian-owned steelmaker concluded that it is exploring all options for portfolio restructuring including the potential sale of Tata Steel UK, in whole or in parts. The formal process began on April 11 with contact made with 190 potential financial and industrial investors worldwide.

Seven bids were immediately taken forward to the next stage but a shortlist of bidders has never been confirmed and the sale process was suspended. Since the announcement in March, there has been rising steel prices, a turnaround at Port Talbot, announcements from the Government on support for the industry, consultation on the pension scheme, a fall in the price of the pound and the EU referendum.

A Tata Steel board meeting is scheduled to be held in Mumbai tomorrow with Business Secretary Sajid Javid, flying in for talks with Tata executives.

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The report said that "Tata has recently adopted a more relaxed approach to determining its future, as Government incentives to keep the business going have come in thick and fast.

"It will pause the sale of most of its UK business, including Port Talbot .... However, it will proceed with the sale of its specialty steel making business, which employs 2,000 employees in Hartlepool, Rotherham and Stocksbridge."

Speciality Steels has a £275m of turnover and is Tata Steel Europe's only Electric Arc Furnace (EAF) based business, specialising in carbon, alloy and stainless steels for demanding applications like aerospace, motorsports and oil and gas. Until recently it employed over 2,000 people at sites like Aldwarke in Rotherham and Stocksbridge in Sheffield. It is not considered a downstream business linked to Port Talbot and Tata Steel's strip products.

Bids from investors seeking to cherry-pick parts of the operation were initially rejected. Albion Steel, a new vehicle led by former Corus CEO, Tony Pedder, is reported to be lining up behind JSW Steel of India with a view to acquiring Tata's specialist steels division in South Yorkshire.

It was also reported that KPMG, engaged by Tata Steel as advisers to the sale process, was asked to contact prospective bidders for the Speciality Steel business in South Yorkshire and the pipeline tube operations.

Steelworker's unions have been calling for clarity of their future, adding that "since that first announcement, the trust and good will of Tata's loyal workforce has been pushed to the limit."

Tata Steel website

Images:

Rotherham-based pump supplier Industrial Pumps is set for further growth and new jobs after undergoing a management buyout, with the help of a significant investment from UK Steel Enterprise.

Founded as a partnership in 1988, Industrial Pumps started trading as a Limited Company in 2006. Originally a Mono distributor selling pumps/spares and solutions, the Barbot Hall Industrial Estate business quickly moved into pump repairs and other general engineering.

Existing company directors David Carley and David Stacey, who have both worked at Industrial Pumps since trainee level in the 1990s, have bought the business from previous owner Chris Garner. They have now revealed expansion plans which build on the company's reputation and recent growth which has seen turnover double to around £4m in the last four years.

UK Steel Enterprise, a subsidiary of Tata Steel, provided investment through its Equity Growth Fund, which is backed by the Government's Regional Growth Fund. The deal was referred by John Parkin of PKN Chartered Accountants in Rotherham.

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The funding is expected to facilitate continued expansion of Industrial Pumps across its impressive customer base, which includes water utility companies and leading OEMs; as well as enable the company to improve its digital platforms and create new jobs in Rotherham in the coming years.

The buyout sees David Carley take on the role of managing director – having started as an apprentice pump fitter in 1996; and David Stacey take up the post of sales director having joined as a trainee tech sales agent in 1998.

David Carley, managing director at Industrial Pumps, said: "This investment from UK Steel Enterprise has provided us the opportunity to carry on building the company’s reputation and work towards our ambitious growth plans.

"Our immediate vision is to take the company into both new long-term contracts in the utility and industrial sector, whilst also ensuring that the existing employees have both security and opportunity to progress as well as recruiting for new roles from across the region."

Allan Wood from UK Steel Enterprise, added: "Industrial Pumps is a great example of an already successful South Yorkshire business, with significant opportunities for further expansion. We have backed them because we believe they can grow and create more jobs locally."

Part of the Equity Growth Fund is aimed at young, early stage companies with high growth potential, while established companies can apply for amounts up to £1m.

Industrial Pumps website
UK Steel Enterprise website

Images: UKSE

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