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Alternative finance provider plans £50m injection into Manchester economy in 2018

Growth Street, an alternative finance provider for UK SMEs, plans to inject £50m into growing businesses across Greater Manchester and the North West over the next 12 months.

Research commissioned by Growth Street, which canvassed opinion from more than 1000 businesses with more than 10 staff, has found that SMEs in Manchester might not be taking full advantage of opportunities in international markets, and could have greater awareness of the funding options available to help them grow.

According to Growth Street’s findings, fully 78% of respondents based in Manchester don’t export at all, either to the EU or elsewhere. Growth Street’s research also found that almost three quarters of respondents have never looked outside their bank for funding at all, and only 24% feel they have a “good” understanding of the alternative finance market.

Global market conditions are creating opportunities for growing UK businesses, and Greg Carter, Growth Street’s CEO, says that Growth Street’s flagship business lending product, GrowthLine, could provide a working capital solution for businesses looking to step up their exports.

Growth Street CEO Greg Carter commented: “Manchester and the North West is full of thriving, ambitious businesses. I hope that our planned £50m injection into the North West economy gives more SMEs the chance to deliver on their plans for growth.

“UK SMEs are working in uncertain times. To make things more complicated still, many firms we speak to feel misunderstood by traditional lenders. We believe that more than ever, businesses need access to flexible finance, which can help mitigate risk as well as let agile businesses seize new opportunities.

“At Growth Street, we’re on a mission to give businesses access to the finance they might need to grow. We can’t wait to get talking to ambitious SMEs in Greater Manchester and the North West.”

Sir Richard Leese, Leader of Manchester City Council, said: “SMEs have a vital role to play in a flourishing city, and we welcome any initiative which will help these innovative businesses to expand, tap into new international markets and help support jobs and opportunities for Manchester people.”

Chris Fletcher, Director of Marketing and Campaigns, Greater Manchester Chamber of Commerce, added:
“The announcement of this funding by Growth Street is a significant step forward for ambitious and growing SMEs across Greater Manchester and the wider North West.”

“It’s a real vote of confidence in businesses across the region and will be welcomed by a huge number of businesses. Flexible finance is a vital part of funding success for many businesses and this will make a significant impact.”

Chase de Vere to partner with The Guild of Air Traffic Control Officers

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Chase de Vere, the independent financial advisers with offices in Manchester, has announced a partnership with The Guild of Air Traffic Control Officers (GATCO), in which it will provide independent financial advice to GATCO members.

GATCO is a professional organisation which represents the interests and opinions of those in the air traffic management profession. Its members include civil and military air traffic controllers, flight information service officers, aerospace battle managers and anyone involved in the air traffic management support including non-operational positions.

Under the terms of the partnership, Chase de Vere’s independent financial advice services will be offered as a benefit to GATCO members. Chase de Vere will also provide ongoing topical articles and information for members online and through GATCO’s Transmit magazine.

Stephen Kavanagh, Chief Executive, Chase de Vere, said: “We are really looking forward to working with GATCO and providing our independent financial advice services to their members. These members have very busy professional lives and, when combined with the complexity of making the right financial decisions, it can mean that personal financial planning is put to one side. It is a great endorsement of our services that such professionals have chosen to work with Chase de Vere.”

Max Shortley, Membership Services Manager, The Guild of Air Traffic Control Officers, said: “We are delighted to be able to offer Chase de Vere’s advice services to our members. As an organisation we promote the highest standards in all aspects of air traffic management and we are keen to make sure that when it comes to financial matters our busy professional members, as well as our retired colleagues, have access to first class independent advice.”

Russell Homes secures approval for £400m South Heywood Masterplan

Planning approval has been resolved to be granted for a major development in South Heywood, which is set to double the number of local jobs, improve accessibility to the M62, and provide a range of new family homes and community facilities. Rochdale Metropolitan Borough Council gave the green light to Russell Homes’ hybrid application at a committee meeting on Thursday for a new sustainable urban extension to Heywood.

The 18-year South Heywood Masterplan involves the creation of a new 2.2km link road from Junction 19 of the M62 motorway to the employment areas off Pilsworth Road, providing a direct route to the main employment areas of South Heywood, saving existing businesses some 4,700km road miles a day. This new route will unlock more than 1.45million sq ft of new Grade A commercial space.

Russell Homes will fund the majority of the link road costs, with the Greater Manchester Combined Authority having agreed to allocate £10.3m and Highways England £1.75m.

The masterplan will also provide up to 1,000 new family homes, including affordable houses, a new primary school, and a new village retail centre, improved public transport provision, and extensive public open space across the 130-hectares site, and secures investments for enhanced local sports facilities.

It is estimated the development will generate £175million a year for the economy and bring more than 2,850 full-time new jobs to the area. Around 2,400 of those will come from businesses moving into the new commercial premises and retail space, with a further 180 to 370 per year during the construction phase.

The application was supported by a number of existing local businesses, across the several business parks in the area, with many identifying the benefits the scheme will have for them. This includes improving their competiveness, reducing operating costs and vehicle emissions, and providing new opportunities for job creation.

Daniel Kershaw, Russell Homes director, said: “The South Heywood Masterplan unlocks enormous potential for Heywood and the borough, providing the infrastructure and commercial space to create thousands of new jobs and bring millions of pounds into the local economy.

“It recognises the area’s popularity for manufacturing and logistics businesses and removes the two biggest barriers to growth in those sectors – accessibility and available premises. It will benefit existing businesses and allow many more to locate here, indeed we have already had indications of strong interest in the new commercial space. The link road is the key to all of that, and has formed the foundation around which the rest of the plan has developed.

“To support these new jobs, and provide the variety of homes the borough needs, the plan also involves new homes, a school, a new village centre and public open space, thereby creating a sustainable community, which also benefits existing local residents.

“It is a forward-thinking, long term strategic vision that has been several years in the making, and improves prospects for people living and working in the area. We are therefore extremely pleased that the planning committee has supported that vision and approved the application.”

The Planning Committee voted to approve the full planning permission for the link road, with works anticipated to start in Spring 2019, while the rest of the plan received outline planning permission. Due to its scale, this hybrid application will now be referred to the Secretary of State for Housing, Communities and Local Government Savid Javid.

Russell Homes has received design and planning support for the South Heywood application from HOW Planning and IBI Group, and technical advice from Axis, Regeneris, Cushman and Wakefield, Campbell Reith, REC, E3P, Reading Agricultural Consultants, and Orion Heritage.

Broderick’s nets 5 year University of Manchester contract

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The University of Manchester is the latest large-scale organisation to introduce Broderick’s pioneering new loyalty app, Pay 4 Vend,throughout its campus. The Sharston-based national vending & refreshment company has also won a wider, prestigious 5-year vending contract with the university, which will see the installation of 20 high-tech machines across key campus sites, to complement the 60 already in situ.

This announcement follows a hugely successful pilot programme and national roll out of the Broderick’s app just last month.   The UK vending industry’s first loyalty App, Broderick’s Pay4Vend  is already proving a popular and engaging on-site loyalty builder for Manchester students, due to its big draw competitions, rewards, discounts, news hub  and a wide range of exciting promotions from household names, emerging brands and healthier eating snacking options. The app posts the latest part-time jobs and student news, and it also offers ‘spot prize’ rewards based around brand NPD or on-pack offers

The spectacular prizes on offer throughout Manchester University’s vending services, include fabulous holidays in Ibiza and tickets to must-see music events including VIP tickets to Manchester’s Park Life Festival on 9th & 10th of June and Cineworld tickets.  Students can also claim additional bonuses on purchases of healthier products and those with reduced sugar content.

Created in association with graduates across the city at The Manchester Metropolitan University and Italian tech giants COGES, Broderick’s Pay 4 Vend has emerged as a strong customer engagement device, a hassle-free payment tool and a popular loyalty builder. Its big prize promotions have proved a great incentive for repeat custom.

As Broderick’s MD John Broderick highlighted, Pay 4 Vend is an asset for everyone involved and is key to the future of vending: “Broderick’s loyalty app delivers a completely fresh, exciting and convenient consumer experience for vending services on campus.   It offers the convenience of cashless payment options: customers can simply upload credit to the app using a cash card at a convenient time and it’s downloadable on Apple, Google & Android.

“However, Broderick’s Pay 4 Vend is much more than just an integrated vending payment system, its competitions and promotions are leading to a high volume of repeat custom and it’s also a valuable news hub on campus. Broderick’s is rewarding loyal customers with a chance to win amazing prizes. Following the national roll-out we now have a full programme of showcase prizes and promotions scheduled throughout the year!”

Proven innovators in the sector, Broderick’s early adoption of new technology raises the bar in vending services: other advances include desktop ordering capabilities for time-poor consumers, automatic, real-time stock levels reporting and a suite of cashless vending options. Further developments are scheduled for later in 2018 and Broderick’s is already looking at fingerprint and iris recognition technology.

 

Ward Hadaway strengthens family team with appointment of newly-qualified solicitor in Manchester

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Ward Hadaway has strengthened its Family and Matrimonial offering in Manchester by welcoming newly-qualified Jodi Seddon to the team.

Jodi, who has recently completed her two-year training contract, will now work alongside Family and Matrimonial partner Martin Karran and solicitor Sally Stanway as a fully-qualified solicitor.

After graduating from University of Central Lancashire, the 25-year-old from Wigan started her career after being offered a training contract in 2016.

Duringthis time, Jodi completed four six-month seats, each one in a different department to get a flavour of different areas of law.

She follows in the footsteps of a number of senior Ward Hadaway lawyers who all joined the firm as trainees, including Corporate partner Katherine Hay-Heddle, Banking and Finance partner, Imogen Holland and Property partners Lesley Fairclough and Heather Markham.

Jodi said: “I have really enjoyed my time with Ward Hadaway as a trainee. Martin and the other lawyers have all passed on a great deal of knowledge and experience and I am ready for the challenge ahead.

“I feel particularly privileged to be working in this team. The challenge of understanding and resolving family disputes is one that greatly appeals to me. It gives me an opportunity to use my insight to bring clear solutions to clients.”

She will work closely with Martin Karran who heads the team and has 25 years’ experience in all manner of complex family proceedings and solicitor Sally Stanway who has expertise in cohabitation and trust of land matters.

Martin said: “I have always looked to promote talent at an early stage and give it the chance to shine and Jodi is one of the most exciting young recruits that I have worked with. We are delighted that she has joined us.

“She understands our ethos and the responsibility we have not only to our clients, but to the wider community. She immediately adds a fresh further dimension to our team and the firm as a whole.

“History shows that Ward Hadaway is somewhere people want to work and develop their careers and we are proud of the firm’s ability to attract and retain such ambitious young lawyers.

“Qualifying is a huge turning point for any lawyer and I would like to personally congratulate Jodi on her success so far.”

Julie Huntingdon, training principal at Ward Hadaway, said: “Huge congratulations to Jodi on her qualification. Our people are our most important asset and the recruitment and training of solicitors is a major part of the future development of Ward Hadaway.

“The high number of trainees who choose to stay on with us is testament to the supportive working environment we offer.”

Super Break partners with WhiteNoise Media to promote new destinations

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Manchester-based video marketing agency WhiteNoise Media have partnered with SuperBreak.com to produce a series of promotional and online videos. The videos will be used to promote Super Break’s new overseas charters for 2018.

The videos will be played on the transfers between airports and final destinations, and will also be used by travel agents to promote the trips prior to holidays being booked. Shorter social edits were also created to generate interest in these new destinations, which include Iceland, Seville, Montenegro, Croatia and Madeira.

SuperBreak.com is a british holiday company based in York, and offers a range of breaks in the UK and abroad including theatre breaks and cruises.

Martin Solly, Super Break Senior Brand Manager, said: “Our overseas charters in 2018 are an exciting first for Super Break. We went to WhiteNoise with the challenge of bringing both the Super Break brand to life for customers in their destinations, and promoting additional excursions available for them to book in-trip.

We were so impressed with the initial videos created by WhiteNoise that the brief was soon extended to include Social Media and Travel Agent edits of each video, which we’re using to further promote our upcoming charters throughout the year.

And what’s more, we’ve now taken hundreds of additional in-trip bookings, with 1 in 4 passengers booking a further excursion whilst on their break”

Lee Holdsworth, CEO & Founder at WhiteNoise, said: “We are thrilled to be working with such a well known travel brand and helping them create a series of video to promote various destination around europe. We are all very pleased with the results and look forward to the next project”

 

Clough & Willis appoints new Head of Private Client

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Bury & Bolton based law firm Clough & Willis has appointed Nicola Finbow as the new head of its Private Client department.

Nicola joins Clough & Willis from Temperley Taylor Solicitors and she has previously worked at Butcher & Barlow. Her new role will see her focusing on a variety of core work including wealth and succession planning, inheritance tax advice, trust creation and administration, wills, lasting powers of attorney and estate administration.

Nicola – who is full member of STEP, the global professional association for practitioners who specialise in family inheritance and succession planning, and a Dementia Friend – will be primarily based at the firm’s Bury head office but she will also have a presence in the Bolton office.

Nicola studied at Keele University and Montpellier University. She took her Legal Practice Course at Leeds Metropolitan University.

Lee Marston, managing partner of Clough & Willis, commented: “Nicola is one of the region’s leading private client lawyers so we are delighted that she has joined Clough & Willis. I’m sure her experience will add real value and direction to the department and wider firm.”

Nicola added: “I’ve respected Clough & Willis for many years so I am really pleased to have joined the firm. I’m now looking forward to building on the established reputation that the Private Client team already has.”

WYG appoints Alan Houghton as Director of Planning and Advisory Services

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Award winning global professional services firm WYG has appointed Alan Houghton as Director of Planning and Advisory Services for the North West.

In his new role, Alan will lead WYG’s North West planning team, which covers Manchester and Cumbria. He will be based in WYG’s Manchester office.  Alan has a wealth of public and private sector experience having managed large and complex public and private partnerships and projects, in addition to acting on strategic development and spatial planning in the North West and Midlands.

Alan joins from Aecom, where as Regional Director, he led the company’s Manchester-based planning and regeneration team. He previously also worked as Project Director for major planning, infrastructure, masterplanning, and regeneration projects at Scott Wilson Group.

Alan said: “I’m genuinely looking forward to working with all the planners in WYG’s impressive team. It’s a constantly changing market out there, but it’s an exciting challenge to grapple with.”

Simon Chadwick, Head of Planning – North at WYG, commented on Alan’s appointment: “We welcome Alan, along with his vast knowledge and experience, to head up the North West planning team and manage our staff in Manchester and Cumbria. His background within multidisciplinary practices and regeneration will add a new dimension to our established expertise across the residential, infrastructure, retail, and commercial sectors.”

Tax planning for year end

As the end of the tax year approaches there are certain planning opportunities for taxpayers to be aware of.

Income Tax

There are several thresholds to avoid otherwise you may pay more tax than you need to. If you can control the timing of your income such as bonuses or dividends then be aware of the following:

There is no tax on the first £5,000 of dividends, and this ‘Dividend Allowance’ is reducing to £2,000 from 6 April 2018. Make sure you use the allowance for 2017/18 where possible.

For those receiving interest there is a Personal Savings Allowance (PSA) of £1,000 for basic rate taxpayers, and this is £500 for higher rate taxpayers (there is nothing for additional rate taxpayers).

Where income exceeds £100,000 the personal allowance is reduced by £1 for every £2 of income in excess of this amount. The full personal allowance is therefore lost if income exceeds £123,000. You may look to defer a special dividend until the next tax year to make sure your income does not exceed £100,000.

Those claiming child benefit should be aware that the High Income Child Benefit Charge applies where income for either partner in a household exceeds £50,000. If you can ensure income is allocated equally between partners and spouses to keep each of you below £50,000 then this could be worthwhile.

The income calculations for the above are based on adjusted income, and this can be reduced by making payments to charity through gift aid, or personal pension contributions. Advice should be sought when making pension contributions as there are a number of factors to consider and the calculations are complicated.

For married couples it may be possible to make a marriage allowance transfer. One spouse needs to be a basic rate taxpayer with the other being a non taxpayer. The maximum saving from making the claim is £230.

 

Capital Gains Tax (CGT)

The Annual Exemption for 2017/18 is £11,300. There is no option to carry forward any unused exemption; it may therefore be worthwhile crystallising gains in the year to use this exemption. Watch for the “bed and breakfasting” rules which can apply to shares sold and repurchased within 30 days.

The rates of CGT are 10% for gains which fall within the £33,500 basic rate band and 20% for gains in excess of this.

For gains on residential properties the rates are 18% and 28% respectively (note that commercial properties are taxed at the lower rates of 10% and 20%).

Gains which are eligible for Entrepreneurs’ Relief (ER) are taxable at 10%, subject to a Lifetime Limit of £10m. Only certain assets qualify for ER, such as the sale of a business carried on by a sole trader or partnership, or shares in certain unlisted trading companies.

 

Other points

  • The tax relief on mortgage/loan interest for residential buy to let investors is restricted for higher and additional rate taxpayers. This restriction started in April 2017 and is being introduced gradually over four tax years. By 2020/21 tax relief on all mortgage/loan interest will be restricted to tax relief at 20%.

 

  • The Inheritance Tax (IHT) nil rate band is frozen at £325,000 until 5 April 2021. An additional relief has been introduced gradually from April 2017 for homes being left to direct descendants. From April 2018 a married couple will potentially be able to transfer an estate (including their home) worth up to £900,000 to their children.

 

  • The Annual Allowance for pensions remains at £40,000 (gross). Care should be taken when making contributions as there are a number of other factors to consider such as having sufficient ‘relevant earnings’ and also the lifetime limit.

For further reading please see the MHA Year End Tax Planning Guide.

If you would like to discuss the above blog in more detail, or you would like to speak with a member of our team, please contact Tom Carter or call 01772 821021 to be put in contact with a member of our Tax and VAT team.

Standing ovation for The Royal Exchange Theatre’s commitment to sustainability

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Manchester’s Royal Exchange Theatre in the heart of the city centre has taken huge strides towards improving their environmental impact with the support of Carbon Neutral waste management organisation, B&M Waste Services.

After making significant improvements in the theatre’s gas, electricity and water consumption, David Mitchell, Head of Facilities for the grand and much-loved performance space, was keen to replicate that success for their waste and recycling credentials. He consequently partnered with B&M Waste Services and established a strong relationship with his Account Manager, Paul Hoddy.

David explains: “We’re working well to make improvements happen. Our Account Manager has always been honest and open and put a lot of effort into trying to help us… The staff on the end of the phone are so much more willing to work with us to solve some of the more complex issues we face, and do so proactively”.

Paul Hoddy went on to say: “Working with The Royal Exchange Theatre has been fantastic. They understand the importance of recycling and waste management and their forward-thinking approach is really paying off.”

In just 6 months, the improvements to The Royal Exchange Theatre’s waste and recycling initiative is already clear with David highlighting better reporting, greater control of confidential waste and a more proactive approach to issues.