Laurence and Stephen discuss successful results for a prominent law year, a first tenant for a landmark redevelopment and investment plans at Belfast Harbour.
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00:00A successful year for a prominent law firm, a first tenant at a landmark redevelopment
00:06and investment plans for Belfast Harbour.
00:09That's all coming up in today's Business Briefing, sponsored by Shawbrooke.
00:18My name is Lawrence Kilgannon.
00:19I'm Stephen Favreau.
00:20Right.
00:21Morning, Stephen.
00:22Morning.
00:23So Belfast Harbour, a huge part of the city.
00:26Perhaps you can tell us what's lined up there.
00:28So yeah, they've revealed some really exciting investment plans, planning to invest more
00:34than 300 million in capital projects over the next five years.
00:38That's including the port itself and the wider estate.
00:43Within that, that's 208 million going into the port itself and 105 million into the harbour
00:49estate and waterfront.
00:51What is the nature of the plans?
00:53Well, they actually include the biggest investment project ever undertaken by Belfast Harbour,
00:58which is a 90 million investment in a new deepwater quay that would be able to accommodate
01:04some of the world's largest cruise vessels and would also help it boost its capacity
01:10with the manufacture of offshore wind turbines.
01:13All right.
01:14OK.
01:15So currently, they accept cruise ships, but this will allow them to track the bigger ones.
01:20Because, I mean, they are like floating cities now, aren't they?
01:23It's a big, massive hotel on the water.
01:26And that's phase one of the project now, is the works to allow the large cruise vessels.
01:33I mean, cruise tourism is already a big area for the harbour worth up to 25 million a year.
01:41Then phase two of that project would then be for the offshore wind turbines.
01:45Right.
01:46I see.
01:47So you mean that that will allow them to be constructed there and taken out?
01:50Because, of course, it's well located.
01:52That's the idea.
01:53Yeah.
01:54Obviously, the offshore wind is an ever-growing area.
01:55So it makes sense to invest in that and support the construction of the new farms.
02:01Excellent.
02:02And Belfast, have you been to the city?
02:04I can't say that I have now.
02:05No, I haven't.
02:06It's certainly something that's on my agenda.
02:07And actually, talking of cruise ships, I think they also take ferry ships from the northwest.
02:14Stena has a connection there.
02:16So one day, I'm sure I'll get there.
02:19Anyway, we've also got news on law firm results.
02:21Very popular stories with our readers.
02:23And Shakespeare Martineau has filed some results where their revenue has gone over £100 million.
02:30So a successful year in terms of revenue.
02:33The firm's posted results for the year to April 2024, with revenue rising to £104.2
02:39million, alongside an increase in profits there.
02:43That was all for a year when the firm's average workforce went up from 920-ish to more than
02:501,000.
02:51So exciting times at Shakespeare Martineau, who we're involved in across a wide range
02:58of specialisms, but also deals, which we deal with.
03:02Obviously, you're familiar with them from our advisors that we like to cover.
03:06Exactly.
03:07And talking of deals, you've got news of a Yorkshire deal.
03:11Yes, that's right.
03:12We've got a management buyout completed at an electrical wholesaler, AA Jones Electric.
03:16So the company was founded in 2009, supplies equipment for domestic and commercial use,
03:23as well as industrial automation and controls.
03:25The company currently employs about 20 staff and stocks more than 12,000 product lines.
03:32Following the buyout, control of the business has gone to co-founder Andy Moulds, who's
03:36the sales director, and a longstanding employee, Sam Lomax, who has now become the managing
03:41director.
03:42Right.
03:43Another founder, Ian Weyman, has retired, while Tony Moore, the third of the founders,
03:48will remain as the finance director.
03:49And where's the funding come from for the deal?
03:52So that's come from Mercia.
03:53Mercia has provided half the funding through its SME loan funds, and that's supported
03:56the MBO itself.
03:58The remainder is coming from the Northern Powerhouse Investment Fund too, and that is
04:02going to support the business growth plans, targeting expansion of its range and is hoping
04:08to create jobs as well.
04:09Excellent.
04:10Well, they've been very active recently.
04:12I'm sure we get peaks and troughs, but NPIF too, certainly responsible for lots of deals
04:16both in Yorkshire and the Northwest and up in the Northeast too.
04:22We've also got news of a first tenant signing up for a landmark redevelopment in Wigan,
04:27which is great news.
04:28It's the redevelopment of the Civic Centre in the town.
04:34As you know, it's one thing getting these plans in, doing the work, but then of course
04:39getting the tenants to commit to it is a sign that it's working.
04:42And these plans are being brought forward by Capital and Centric.
04:46The building is now Civic, sustainability to the fore.
04:52It's kind of like a brutalist building, so a bit of a landmark, but it'll be disused.
04:56So this is giving it a new lease of life, which is very much in line with what Capital
05:01and Centric do.
05:03And they're delighted that IT business Agilisys has signed a deal for more than 4,000 square
05:09foot.
05:10And they've taken, I think, a large part of the second floor.
05:12So great news for Capital and Centric that their vision is being bought into by occupiers
05:18now.
05:19Anyhow, to find out more for the stories we've been discussing today, go to insidermedia.com.
05:24There, you can sign up to our newsletters, you can sign up to our magazines, and you
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05:32That's everything from us.
05:33See you next time.