£400m transport boost for Northern Powerhouse
The UK Government said on Monday that £400 million of extra funding will back transport improvements across the Northern Powerhouse. “More than £100 million will go towards…
Articles by Northern Financial Review
Simpsons Malt profit £9.3m on turnover of £144m
Berwick-upon-Tweed independent maltster Simpsons Malt said its 2016 profit before tax slipped to £9.3 million from £9.9 million with turnover sliding to £143.8 million from £160.7…
Aprirose buys Leeds-based QHotels for £525m
Real estate investment company Aprirose said it completed the acquisition of Leeds-based QHotels from Bain Capital Credit and Canyon Partners for £525 million — the…
Boohoo CEO Carol Kane sells shares for £10.7m
Carol Kane, the joint CEO of Manchester-based online fashion giant Boohoo.com, sold 4.65 million of her shares in the firm for about £2.30 each to…
Cussons warns UK consumers ‘shopping cautiously’
Shares of Manchester-based soaps and consumer products company PZ Cussons edged lower after it said in an AGM trading update that it had experienced “tough trading conditions…
Grainger on course for £850m investment target
Newcastle-based Grainger plc, the UK’s largest listed residential landlord, said in a trading update it expects to report full-year adjusted earnings approaching £70 million, up from £53.1…
Boohoo revenue up 106% to £263m, but shares fall
Shares of Manchester-based online fashion giant Boohoo.com fell 9% amid concerns over margin pressures despite the retailer reporting that revenue rose 106% and profit jumped…
Northgate dismisses CFO after assault conviction
Darlington-based vehicle hire company Northgate Plc said its chief finance officer Paddy Gallagher has been summarily dismissed “due to his conviction for the summary offence…
Card Factory shares fall 18% as profits plummet
Shares of Wakefield-based Card Factory fell about 18% after it said profit before tax fell 14.1% to £23.2 million despite revenue rising 6.1% to £179.6 million in…
Caddick plans £300m ‘SOYO’ Leeds cultural hub
Caddick Developments, part of the Wetherby-based construction firm Caddick Group, said it plans to transform the six acre Quarry Hill area of Leeds into a…
Moody’s downgrades UK due to Brexit and debt
Ratings agency Moody’s Investors Service has downgraded the credit rating of the UK, saying Brexit will weigh on the UK economy and that the UK government’s…
Man Utd revenue up 12.8% to record £581.2m
Manchester United announced financial results for the 12 months ended June 30, 2017, with revenue up 12.8% to £581.2 million and earnings before interest, tax, depreciation and…
Safestyle shares rebound despite weak outlook
Shares of Bradford-based window and door company Safestyle UK rebounded about 10% on Thursday after it said its revenue rose 1.4% to £82.5 million for the six months…
Drax CFO Gardiner succeeds Thompson as CEO
Selby, North Yorkshire-based power company Drax Group said its chief financial officer Will Gardiner will succeed Dorothy Thompson as CEO from January 1, 2018 — just as…
Co-op half-year revenue steady at £4.6bn
Manchester’s Co-op Group said revenue fell slightly to £4.6 billion in the 26 weeks ended July 1 compared to £4.7 billion at the same stage last year…
£900m deals for Leeds law firm Walker Morris
Leeds-based law firm Walker Morris said its corporate group has completed 17 deals with a total deal value of more than £900 million since May….
Co-op Bank CFO leaves after restructuring
Manchester-based Co-operative Bank said its chief financial officer John Worth is leaving the bank following the completion of its restructuring and recapitalisation earlier this month. “John…
Fund invests £439m in student housing with Downing
A fund advised by real estate investment manager Tristan Capital Partners has invested £439 million in a new UK student housing joint venture that it…
Teesside University in £300m campus masterplan
Middlesbrough-based Teesside University said it launched a programme of investment which will see £300 million spent to transform its campus over the next 10 years….
Manchester Pension buys £60m Salford Soapworks
The Greater Manchester Pension Fund (GMPF) has bought Salford’s iconic Soapworks development — formerly the Colgate-Palmolive factory — from The Carlyle Group for £60 million….
Carney Says Chance Of UK Rate Rise Has Grown
Bank of England Governor Mark Carney said in a television interview that the possibility of the first British interest rate rise in 10 years had…
New global M&A network targets Northern firms
A new M&A network has been launched to seek out global opportunities for firms based in the North of England. The new network of corporate…
Warrington Council buys Birchwood in £200m deal
Warrington Borough Council said it added to its investment portfolio with the Warrington & Co led acquisition of Birchwood Park from Oaktree Capital Management. The…
Morrisons first-half profit up 40% to £200m
Bradford-based supermarket group Morrisons said its first-half profit before tax rose 39.9% to £200 million on turnover up 4.8% to £8.42 billion. But Morrisons’ shares fell…
Drax unveils big plans for battery storage and gas
Selby, North Yorkshire-based power company Drax Group said it gave notice to the UK’s Planning Inspectorate of its intention to consult on long-term options to repower…
Blackpool Council buys airport from Balfour Beatty
Blackpool Council said it completed the purchase of the Blackpool Airport site — taking the company back into “full public ownership” for the first time…
JD Sports half-year profit hits record £102.7m
Shares of Bury-based JD Sports Fashion rose about 9% on Tuesday after it said half-year profit before tax increased 33% to a record £102.7 million on…
Shares fall 47% at Oldham’s Ultimate Products
Shares of Oldham-based consumer goods firm Ultimate Products, which went public earlier this year, fell more than 47% after it said in a trading update that…
100 new jobs in global law firm’s Newcastle move
Global law firm Norton Rose Fulbright has announced plans to open a Legal Process Hub in Newcastle’s Quayside, creating around 100 new jobs over the next three…
Profit falls at Go-Ahead despite £3.48bn revenue
Newcastle-based rail and bus group Go-Ahead Group said revenue for the year to July 1 rose 3.6% to £3.48 billion — but pre-tax profit fell 5.7%…
Shares of Dart Group soar as Jet2 takes off
Shares of Leeds-based leisure and logistics firm Dart Group, owner of Jet2.com and Jet2holidays, rose 4% on Thursday after it gave a positive trading update at its annual general meeting….
Yorkshire Bank owner: SME health at 18-month high
The health of small and medium-sized enterprises (SMEs) in the UK has risen to its highest level in 18 months, according to the SME Health…
Biggest ever commercial property letting in Leeds
The UK Government’s Cabinet Office has announced that 7 & 8 Wellington Place in Leeds will be the location of a brand new Government Hub…
Global Marine chooses Port of Blyth for expansion
Chelmsford-based Global Marine Group (GMG), an offshore engineering services company for the renewables, telecommunications and oil & gas industries, announced it has expanded its operations base…
Redrow profit hits record £315m on £1.6bn revenue
Shares of Flintshire-based house builder Redrow rose 4% after it said its revenue rose 20% to a record £1.66 billion and pre-tax profit jumped 26% to a record…
UK finance minister meets Northern Metro Mayors
UK finance minister Philip Hammond on Monday convened the UK Government’s first meeting with all three Metro Mayors from the North of England to discuss…
Northern Rock investors renew compensation fight
Thousands of Northern Rock shareholders who had their investments wiped out when the bank was nationalised by the UK state almost 10 years ago are…
Ramsdens shares up amid strong profit expectations
Shares of Middlesbrough-based pawnbroker and foreign currency exchange Ramsdens Holdings plc rose 18% after it said in a trading update it expects its interim and full year…
Leeds software firm EMIS hit by NHS slowdown
Leeds-based healthcare software and IT firm EMIS Group said its revenue increased by 1% to £79.2 million in the six months to June 30 “despite the uncertainty…
£300m road schemes to boost Merseyside, Cheshire
Highways England said that two major new road schemes worth more than £300 million are set to cut congestion and improve journey times for drivers…
Provident’s Crook gives up year of salary, benefits
Troubled Bradford-based Provident Financial said former CEO Peter Crook, who resigned from the firm 11 days ago amid major problems, “has agreed to forgo his base salary,…
Eddie Stobart half-year revenue rises to £287m
Logistics firm Eddie Stobart said its reported revenue increased 7.6% to £286.8 million in the six months ended May 31, 2017, as it delivered its first…
New bank backed by Warrington Council opens
The challenger bank backed by Warrington Borough Council has opened for business just more than four months after securing its initial banking licence. Warrington Borough Council…
Addleshaw Manchester team on £677m deals
Law firm Addleshaw Goddard said its Manchester corporate team advised on 18 transactions with a total value of over £677 million in the second quarter…
Co-op in exclusive talks to buy Nisa for £140m
Manchester’s Co-op Group has begun exclusive talks with Scunthorpe-based convenience grocer Nisa to discuss a possible deal to buy the mutually-owned retailer for up to £140 million….
Newcastle’s Grainger buys £80m Salford development
Newcastle-based Grainger plc, the UK’s largest listed residential landlord, said it agreed, subject to planning, to acquire a private rented sector (PRS) build-to-rent development at Gore…
Provident re-hires Gillespie to fix home credit
Shares of troubled sub-prime lender Provident Financial Group rebounded 20% on Friday after it announced it re-hired former executive Chris Gillespie as managing director of its home…
Leeds-based Jet2.com creates 1,700 jobs
Jet2.com — owned by Leeds-based leisure and logistics firm Dart Group — has announced a major recruitment drive with roadshows taking place across the UK to…
Provident shares fall ‘catastrophic’ 70% amid profit warning, CEO departure, suspended dividend, FCA probe
Shares of sub-prime lender Provident Financial plummeted more than 70% after it issued a second profit warning in roughly two months and said its CEO Peter…
Persimmon first half profit up 30% to £457m
York-based house builder Persimmon said its revenue rose 12% to £1.66 billion and profit before tax increased 30% to £457.4 million in the first-half of…
TSK to create Kellogg’s HQ at MediaCityUK
Kellogg’s said it appointed workplace specialist TSK to create its new 46,000-square foot UK headquarters in MediaCityUK in Manchester. “The appointment comes as last month…
Asda hails first quarterly sales rise in three years
Walmart said its Leeds-based subsidiary Asda reported a positive quarterly sales figure for the first time in three years for the April 1 to June 30 period. Asda said…
Lookers revenue £2.5bn, but shares fall on outlook
Manchester-based Lookers plc, the UK’s biggest car dealership, said its revenue increased 5% to £2.46 billion in the six months to June 30, but its share price…
£160m Sellafield contract for Amec, Interserve
OneAIM, a joint venture between Amec Foster Wheeler and Interserve, has won a four-year £160 million contract to support reprocessing plants and facilities at the…
Revolution Bars rebuffs Deltic amid Stonegate bid
Manchester-based Revolution Bars Group on Tuesday rejected a merger approach from nightclub company Deltic Group and said it would continue to discuss a £100 million takeover…
Yorkshire & Humber ‘has fastest growing output’
Yorkshire & Humber became the fastest growing region in England and Wales in terms of output in July, according to the latest Lloyds Bank Regional…
OK for Leeds Beckett £75m creative arts building
Leeds Beckett University said it has received planning permission for its new £75 million Creative Arts building. The university said the 14,500 sq m development…
DFS Furniture shares plunge on lower revenues
Shares of Doncaster-based DFS Furniture plunged as much as 7% after it said revenues for the second half of its financial year were 4% lower than the…
Co-op Bank loses 25k customers amid £135m loss
Manchester-based Co-operative Bank said on Thursday its losses before tax narrowed to £135.2 million in the six months to June 30, 2017, from £177 million…
Mace in for £330m Manchester Town Hall revamp
International construction firm Mace said it has been appointed as the project manager for the £330 million repair and upgrade project at Manchester’s iconic Town Hall…
Revenue up to £242 million at Doncaster’s Polypipe
Doncaster-based plastic piping and ventilation systems manufacturer Polypipe Group plc said its revenue rose 8.4% to £242 million and profit before tax rose 5.3% to £31.5 million in the six…
H1 revenue at Sheffield’s SIG up 4.7% to £1.44bn
Sheffield-based European building products distributor SIG said its statutory revenue rose 4.7% to £1.44 billion in the six months to June 30 but it made a statutory…
Bellway expects housing revenue +13% to £2.5bn
Newcastle-based house builder Bellway said in a trading update it expects its housing revenue to increase by more than 13% to £2.5 billion for the…
Pets At Home Q1 revenue rises 5% to £256.5m
Shares of Chesire-based Pets At Home, the retailer of pet food, accessories and veterinary services, rose about 8% after it said its revenue grew 5% to…
Leeds Building Society savings balances hit £12.5bn
Leeds Building Society said strong mortgage growth drove a 9% increase in profit before tax to a record £63.2 million in the first half of 2017….
Tilney acquires £162m assets of Manchester’s Midas
Investment and financial planning group Tilney announced an agreement to acquire the assets of Manchester-based private client investment management and advisory business Midas Investment Management….
Swiss bank Julius Baer opens in Manchester, Leeds
Swiss private bank Julius Baer said it is opening new offices in Manchester, Leeds and Glasgow and it has hired a number of experienced relationship…
DFS shares up as it buys Sofology and refinances
Shares of Doncaster-based DFS Furniture rose almost 5% after it said it agreed to buy Golborne-based sofa retailer Sofology Limited and announced an agreement to refinance its existing borrowings. DFS…
B&M in £152m deal to buy Heron Food Group
Liverpool-based B&M European Value Retail said it is acquiring East Yorkshire-based discount convenience retailer Heron Food Group Limited for up to £152 million. Heron operates predominantly…
Yorkshire Building Society H1 profit slips to £92.3m
Bradford-based Yorkshire Building Society said it increased its core operating profit by 35% to £84.2 million in the first half of 2017 but its profit before…