Government plans to end windfall tax on oil and gas profits by 2030

April Lara
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Government plans to end windfall tax on oil and gas profits by 2030

The UK Government has confirmed plans to end the Energy Profits Levy (EPL), also known as the windfall tax, on oil and gas profits by 2030. This follows the launch of a consultation on the future of the North Sea energy sector, which aims to explore the transition towards a more sustainable energy mix, including hydrogen, carbon capture, storage, and renewables.

For two months, the Department for Energy Security and Net Zero (DESNZ) will consult with various stakeholders, including businesses, unions, and green groups, to plan this transition. The consultation will focus on utilising existing North Sea infrastructure and assets to support new technologies while ensuring continued extraction from current fields.

The Government also affirmed that, in line with its climate commitments, it will not issue new licenses for offshore oil and gas exploration. However, it will allow companies to extend or transfer existing licenses and maintain licences for carbon storage, gas storage, and methane drainage.

This move aims to provide long-term fiscal stability and encourage investment in the sector, while also assuring workers and trade unions that measures will be taken to protect jobs, pay, and conditions.

Service sector faces rising job cuts as costs mount ahead of tax hikes

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Service sector faces rising job cuts as costs mount ahead of tax hikes

UK service sector companies cut jobs at the fastest pace since 2020 in February, driven by weak demand and rising costs. The S&P Global UK Services PMI survey recorded a reading of 51, up slightly from January’s 50.8. While a score above 50 indicates growth, the February result was below the forecasted 51.1.

Businesses are facing mounting pressures from rising costs, with the minimum wage and employer taxes set to increase in April. Tim Moore, economics director at S&P Global Market Intelligence, noted that companies have experienced a loss of growth momentum since last autumn.

The survey also revealed a decline in business optimism, contributing to the fifth consecutive month of job cuts across the sector. Aside from the pandemic, this marks the longest period of falling employment since early 2011.

Power Tan secures future with management buyout

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Power Tan secures future with management buyout

Leighton Buzzard-based Power Tan, a leading manufacturer and distributor of indoor tanning products, has completed a management buyout (MBO), ensuring business continuity and future expansion.

Founder Gary Banks, who established the company in 1987 as World Suncare Products, is exiting the business to retire. Former management team members will now take over operations, aiming to drive growth and expand Power Tan’s international presence.

Watersheds facilitated the deal, with partner William Senior leading the process. He highlighted the benefits of MBOs for both exiting owners and management teams seeking greater control and business expansion.

Banks praised Watersheds for its role in structuring the deal, ensuring a smooth transition while allowing him to focus on business operations during the process.

Northamptonshire tourism businesses offered expert support programme

April Lara
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Northamptonshire tourism businesses offered expert support programme

A new business support initiative aims to help Northamptonshire’s tourism sector capitalise on growing national awareness of the region. The Discover Northamptonshire Business Support programme will provide workshops and one-on-one guidance to businesses in the visitor economy, including attractions, hospitality, heritage, and food and drink.

Over three months, participants will receive expert insights from industry leaders and Growth Hub Business Advisers. The programme includes four workshops covering niche marketing, market trends, business resilience, and digital strategies, delivered by specialists from the University of Northampton and other experts.

Eligible businesses must be based in Northamptonshire. One-on-one consultations will also help participants identify market opportunities and implement growth strategies.

Bakkavor posts strong results but absorbs UK restructuring costs

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Bakkavor posts strong results but absorbs UK restructuring costs

Bakkavor Group reported a 4% revenue increase to £2.29 billion in 2024, with adjusted operating profit up 20.5% to £113.6 million. Despite overall growth, operating profit dropped to £93.4 million due to £20.2 million in exceptional costs tied to UK site closures.

The company credited its performance to volume growth across all markets and a focus on efficiency. Bakkavor aims to continue margin improvements in 2025, targeting a 6% profitability goal.

As part of a restructuring plan announced in late 2022, Bakkavor closed its Salads site in Sutton Bridge, Lincolnshire, and a Desserts facility in Leicester, affecting approximately 900 jobs. The company completed the transition in early 2023 to streamline operations.

Firms merge to create legal powerhouse

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Firms merge to create legal powerhouse
Two Lincolnshire and Yorkshire law firms have revealed plans to merge on 1 April 2025. Wilkin Chapman LLP and Rollits LLP will merge under the trading name of Wilkin Chapman Rollits. The new firm will have more than 500 people including 70 partners and have a combined annual turnover of £40 million. It will operate from six locations: Grimsby, Lincoln, Louth, Hull, York and Beverley. It will be the largest law firm operating out of both Lincolnshire and Yorkshire and has a combined history going back more than 300 years. The merger is market and client driven and the merged firm will offer greater strength and depth to its clients across the commercial and public sectors and private client disciplines within its region and nationally. There are no planned redundancies as part of the merger. Robin Simmonds, CEO of Wilkin Chapman, said: “There is a great synergy between the two firms across culture, values and strategy and we believe the new firm will provide our clients with the responsive, personal tailored support that they expect.” Ralph Gilbert, managing partner of Rollits, said: “Both of our firms have deep local connections and histories within our respective regions and are very proud of these links. Such links help us understand the needs of our clients and bring insights to them. “Additionally, the combined firm will continue to advise our regionally-based clients with their needs nationally, as well as clients based outside of our locations.”

Derby to build on £9bn platform at global investment showcase

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Derby to build on £9bn platform at global investment showcase
Team Derby is set for its busiest MIPIM since the Covid pandemic following an announcement of a massive £9bn investment into the city’s defence and nuclear sector. Taking place in Cannes, France, from 11 to 14 March, MIPIM is the biggest property investment show in the world and a combination of public and private sector partners will join Marketing Derby’s Queen’s Award-winning inward investment team to promote the city to investors from across the globe. This year Derby will feature in the UK Hub where it will be launching the City Centre First for Offices Prospectus – showcasing investment opportunities within Derby city centre – and the city is also one of the few to be promoted in the Estates Gazette UK Cities Playbook. Cllr Nadine Peatfield, Leader of Derby City Council and Deputy Mayor of the East Midlands Combined County Authority (EMCCA), who will be leading the delegation, says: “MIPIM provides cities like Derby with a unique opportunity to pitch to a wide range of investors and advisors. “Team Derby has effective methods to meet with the right people and get our message across. Our focus will be the radical transformation of the city centre and the growth of the Infinity Park Derby Investment Zone.” A key Team Derby breakfast will include presentations from Derby City Council, Marketing Derby, the University of Derby, Ion Developments and Cavendish & London. This year, Derby’s overarching message at MIPIM will be grounded in the city’s economic strengths. Earlier this year, it was announced that Rolls-Royce Submarines had landed a £9 billion – Unity – contract with the Ministry of Defence to provide nuclear power plants for a new fleet of submarines, creating thousands of jobs, while investing in the next generation of nuclear engineers. John Forkin, MD of inward investment agency Marketing Derby, said: “We are still getting our heads around the scale of the Unity deal and this, together with being chosen as the HQ for Great British Railways, has already led to a significant boost in interest and confidence in Derby.” Team Derby will be briefing investors on how they can tap into Derby’s rising reputation as a centre for nuclear technology – with incentives to be had at locations such as Infinity Park Derby, which has Investment Zone status. As well as showcasing its potential as an office location, Team Derby will be at MIPIM plugging several other pipeline projects and opportunities within the city centre, including the Cultural Heart of City, which includes proposals for the former Assembly Rooms site. Investors will also be briefed on the University of Derby’s wider plans for a City Campus, to follow on from its impressive £75 million Cavendish Business School Building opening this year. The Team Derby public/private sector partnership approach is one that has reaped dividends in recent years in terms of attracting overseas investment. The prestigious Financial Times’ fDi European Cities and Regions of the Future 2025 has placed Derby as sixth within the Top 10 Small European Cities for foreign direct investment and members of Team Derby will accept the award at a special ceremony.

Browne Jacobson recruits Head of Higher Education from University of Nottingham

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Browne Jacobson recruits Head of Higher Education from University of Nottingham
Browne Jacobson has recruited Kate Gallagher from a Russell Group university as its new Head of Higher Education. Kate Gallagher joins the law firm from the University of Nottingham, where she was General Counsel and Director of Legal Services, a department she established. She has more than 25 years’ experience both in private practice – with previous roles at Shoosmiths, Hammonds and Eversheds Sutherland – and as one of the higher education sector’s most experienced in-house lawyers. Kate was an active member of the Association of University Legal Practitioners (AULP) for 15 years and a committee member for several years. She was also part of the Employment Lawyers Association’s in-house committee. Her recruitment is an important part of the succession plan for Browne Jacobson’s higher education practice, which is currently led by Bettina Rigg. Bettina will continue to play an active role, working with Kate and Nick MacKenzie, Head of Education, in supporting the transition. Kate said: “Browne Jacobson is highly-regarded in the education sector for its market-leading legal advice, practical support and expert consultancy. Watching from afar, I have been impressed by how the firm has developed its reputation, which is why this feels like a fantastic time to join the firm. “Having worked in both private practice and in-house for the sector, I am keenly aware of the complex financial and structural challenges that universities face right now. “However, my experience has shown that there are always exciting opportunities for universities to play a central role in tackling some of society’s biggest issues, and to promote economic growth by commercialising world-class research projects into viable products and services. “With a background in education employment, I look forward to collaborating closely with our specialists in this service to help us make the most of the opportunity to grow employment and related work in the HE sector.” Bettina said: “In Kate, we have found someone with fantastic experience who will help the team I to build on our achievements across our HE practice. “I look forward to working with Kate and Nick in supporting this transition and driving forward our offer to HE clients now and in the future.” Kate’s hire follows the appointment of Professor Janice Kay CBE as a special adviser to Browne Jacobson’s higher education team in September. Prof Kay, whose experience includes two decades in senior positions at the University of Exeter, provides strategic input and supports engagement with the HE sector. Nick added: “We are thrilled to bring in Kate to lead the next stage of our HE growth journey, building on the strategic recruitments we made to strengthen our wider education practice last year. “When Bettina joined us in 2020, she did so with the intention of helping the firm create a market-leading practice. We have made excellent strides against this ambition and Bettina will continue to be an active force in delivering our strategy as the practice goes from strength to strength. “The combination of Kate and Bettina, supported by the rest of the HE team and Professor Janice Kay as our industry-aligned expert, offers a compelling proposition to universities as they go through a period of transformation and look at new models to help deliver costs efficiencies.”

Nottingham Venues partners with The British Deer Society

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Nottingham Venues partners with The British Deer Society
Nottingham Venues, the collection of independent venues specialising in meetings and events set within the University of Nottingham campus, has formed a new, UK first, partnership with The British Deer Society, the charity dedicated to educating people about deer and the issues surrounding them in the UK. The partnership comes as part of Nottingham Venues’ plans to elevate the dining experience at its Bramleys restaurant, located within the 4* Orchard Hotel, in the coming months. David Cartwright, the former Head Chef at renowned Nottingham restaurant World Service, has been appointed to lead the change and create a high-quality dining destination for Nottingham. The new menu will offer three venison dishes, including a venison lasagne, all created using locally sourced and sustainable produce. All venison served will be sourced from within 30 miles of Bramleys restaurant. To support the British Deer Society, Nottingham Venues has committed to donate £1 to the charity for every venison dish sold at Bramleys. This initiative aims to raise funds to support the work of the British Deer Society whilst also promoting sustainable and locally sourced produce. Nottingham Venues is the first hospitality company in the country to support the charity in this way. David Cartwright, Head Chef at The Orchard Hotel and Bramleys Restaurant, said: “We are committed to sustainability, seasonality and using the best locally sourced produce in our restaurant. Venison is a high quality and healthy option, and my team and I have created dishes that really showcase the meat, so we hope they are popular with diners at Bramleys.” Tom Waldron-Lynch, CEO of Nottingham Venues, said: “In my opinion, venison is a fantastic, sustainable meat that should be used more widely across the UK. “It has next to no carbon footprint, but people need to be aware of the issues surrounding the UK’s growing deer population and its management so that we can protect biodiversity, re-wilding efforts and farmland, which is why we have chosen to partner with The British Deer Society. “We wanted to celebrate venison at our restaurant and our chefs have created a selection of fantastic venison dishes that really showcase the produce, all of which is sourced from within 30 miles of our restaurant.” The British Deer Society plays a crucial role in educating the public about deer, promoting their sustainable management, and protecting their natural habitats. Funds raised through this partnership will support the charity’s ongoing efforts in research, training, education and surveying projects. David McAuley, CEO of The British Deer Society, said: “Having companies within the hospitality industry pledge to support our work will be instrumental in educating people about deer in the UK and raising awareness of venison as a sustainable and healthy food source. “We are thrilled to start our partnership programme with the support of Nottingham Venues, and I would like to thank the team for their support.”

Leicestershire sees record number of registered businesses

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Leicestershire sees record number of registered businesses

The number of registered companies in Leicestershire has reached an all-time high of 78,116, up from 75,930 at the end of 2023. Over the past year, 11,209 new businesses were established in the county, according to the Inform Direct Review of Company Formations, which used data from Companies House and the Office for National Statistics.

Leicester led business growth with 5,801 new companies, followed by Charnwood (1,399) and Blaby (868).

Despite economic uncertainty, regulatory changes, and geopolitical instability, business activity in the region has remained strong, reflecting resilience among local entrepreneurs.

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