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Watch: Insider's Business Briefing - 19th December
Insider Media
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19/12/2024
Laurence and Stephen discuss funding deals, plans for a Welsh theatre and a landmark Liverpool development.
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00:00
Funding deals for a marquee provider and a fire protection specialist and news of
00:06
plans being approved for the modernization of a Port Talbot theatre.
00:09
That's all coming up in today's business briefing sponsored by Shawbrooke.
00:20
My name's Laurence Gleganan. I'm Stephen Fannell. Well morning Stephen, perhaps we can
00:25
start in Wales with this theatre news. Yeah it's a really interesting story
00:28
there. So plans for the Princess Royal Theatre in Port Talbot have been
00:31
approved this week. The project aims to rejuvenate the 798 seat theatre with new
00:39
cafes, extension to the building, remodelled bar servery and a new auditorium
00:45
entrance lobby. Along with that there'll be a new green room for the
00:48
artists, all important to keep the talent happy. A new conference hall with
00:53
capacity for 250 people, a remodelled orchestra pit and a large sound and
00:57
lighting room which will have winch and rigging facilities which will enable
01:00
the theatre to hold a wider variety of performances. Are you a theatre goer?
01:05
I like trips to the theatre. I was never much of an actor myself but I like to watch the play certainly.
01:10
Same here but I don't do it as often. Perhaps the cinema would claim my
01:13
dollars but hopefully these plans will spark more people to go in Port Talbot.
01:19
Well it's good news for Port Talbot in general because the Civic
01:23
Square is also going to be transformed as part of the project. So the new
01:27
multi-purpose community space with new seating and significantly improved green
01:32
spaces. Okay excellent and the all-important question, how's it being
01:35
funded? Well there's UK government backing for the project following the
01:40
approval from the Port Talbot Council on the 17th. Work is now set to start in
01:45
February next year with the aim of getting it completed by early 2026.
01:49
Ah exciting stuff. Okay well we've also got some funding stories I mentioned.
01:54
We'll start in the North West where Bessage is a fire protection business,
01:59
sprinklers and a variety of other repair and maintenance services. They've
02:04
secured backing from BGF as we know one of the most active sort of investors out
02:09
there and the deal was actually supported by prominent advisors. The
02:13
business was founded in 1976 based in Manchester and in 2022 it was acquired
02:19
by Chief Executive David Prendergast and Non-Executive Director Graham Norfolk
02:24
and they've experienced real major growth since then. I think it's grown
02:27
from about five people to 60. So the BGF funding, well that's going to support
02:33
their sort of ongoing organic growth and also potentially support strategic
02:39
acquisitions as and where they're available and suitable. And I mentioned
02:43
the advisors and some of the advisors included Alvarez and Marcell, Gately,
02:48
Safri, Squire Patton Boggs, Confidus People and Holtara. So there are some big names there.
02:55
And you've also got news of a funding story from Yorkshire. Yeah so up in North
03:00
Yorkshire a company that supplies marquees for a range of exclusive events
03:04
has secured funding from Mercia through the Northern Powerhouse Investment Fund
03:08
too. MPIF too as we call it. The English marquee company was founded in 2018 by
03:15
brother and sister Sam and Victoria Peters after they spotted a gap in the
03:18
market for a marquee hire. Since then it's going to employ about 30 people so
03:22
another fast-growing business there. Supplies, events including
03:27
garden parties, weddings and corporate events. Customers include Newby Hall and
03:32
Grantley Hall in Yorkshire, big well-known venues there. As well as high
03:36
net worth individuals and event planners. The company has used the investment to
03:40
add a new structure to its portfolio. The Nord is capable of holding 350 people
03:46
and is currently installed at a high-profile members club and hotel in
03:50
Cotswolds. Oh fantastic. Well I don't think I'll be calling on the English
03:54
marquee company only because for my wife's birthday some time ago we bought
03:58
a marquee. So it's not set up already and I have to every 10 years or so reassemble it.
04:07
So perhaps actually thinking about the horrors of that it would be better to
04:12
get them in to help out. Now we will return to the Northwest for an
04:17
interesting property story and that is news that developer Legacy has secured a
04:22
£93.5 million funding deal with Maslow Capital. That's going to be
04:26
used to bring forward a residential scheme in Liverpool called The Gateway.
04:31
It's in the Pumpfields area of the city and it's going to feature about 650
04:38
units, a major scheme. It's going to be a new addition to the Skyline etc. So
04:42
fantastic to see that investment coming forward in the Liverpool residential
04:46
market and the funding will actually now enable Legacy to proceed with the
04:51
development. Which is already 90% sold through RW Invest and Hill Dickinson
04:58
advised on that one. So to find out more about the stories we've been
05:01
speaking about go to insidermedia.com. There you can also subscribe to our
05:06
newsletters, you can subscribe to our magazines, find out about events coming
05:10
up in 2025. That's everything from us, see you next time. Goodbye.
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