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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

05:29can also find out about upcoming events.

05:32That's everything from us.

05:33See you next time.

Watch: Insider's Business Briefing - 21st January 2025

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