Adam and Ben discuss the proposed transformation of a former BT building, a boost in sales for B&A, and historic North Yorkshire venue hitting the market.
00:00The transformation of a former BT building, a boost in sales for B&Q, and a historic Yorkshire venue hitting the market, going up in today's business briefing.
00:13So we're kicking off today with Crawley-based Rent-A-Kill, that's entered into an agreement for the sale of its workwear business in France to global investment firm HIG Capital.
00:24So France's workwear comprises Rent-A-Kill's workwear, flat linen and clean room business, and it's valued at approximately £34 million.
00:36So HIG Capital, that's signed a binding put option on the deal, committing it to complete the deal once cleared with regulators, and that's expected to happen in the final quarter of 2025.
00:49So proceeds from the sale, they would be put towards both organic and bolt-on M&A growth for Rent-A-Kill.
00:56And in terms of the sole financial advisor, that's Goldman Sachs and the joint corporate broker.
01:02It's also the joint corporate broker to Rent-A-Kill as well.
01:05So a big deal there.
01:07Yeah, I'm sure that'll be popular with readers today, such a significant transaction.
01:11Moving into the hospitality sector now with a historic North Yorkshire pub and hotel, which actually dates back to the 17th century, being placed on the market by Christian Co.
01:22For an asking price of £1.39 million.
01:25This is the Sawley Arms, located between Ripon and Harrogate, and it's known for serving locally sourced fresh produce.
01:31The property comprises a series of lounges and dining areas, as well as outside seating.
01:38It's a real historic property.
01:40Yeah, and a prominent property and a popular one too.
01:44Traditionally, a coaching in the Sawley Arms has undergone extensive refurbishment in recent years, but has kept its charming original features.
01:52It's actually set within the Nidderdale area of Outstanding Natural Beauty, and it's within reach of the Yorkshire Dales.
02:01So it's a good spot if you're on a vacation, you're having a nice hike or walk.
02:07Definitely, it's worth a visit there.
02:09Yeah, beautiful location, and that's on the market now, and I'm sure it'll attract a lot of interest.
02:15You've got a story for us now regarding a big retailer.
02:18B&Q owner Kingfisher has seen UK sales bounce back thanks to a warm weather boost for the new DIY chain.
02:25So the firm's had recent sunshine, so demand rocket across its garden and seasonal ranges,
02:32and that's helped UK and Ireland like-for-like sales jump 5.9% higher in the three months to April the 30th.
02:39So sales of seasonal products alone soared by nearly a third across B&Q,
02:44and they're also 21.2% higher for Screwfix.
02:49They did go on to say that some of the strong sales growth was likely to have been pulled forward from second quarter trading,
02:56but overall, a real positive set of results, and the warm weather giving it a real boost,
03:01and hopefully that can continue into the summer.
03:05Definitely positive news for them.
03:07Moving on to a big property story now, with a Stoke-on-Trent office building built for BT in the 1970s
03:14and could be converted into apartments if plans were approved at a committee meeting next week.
03:19Telecom House is an eight-storey office block located in Hanley,
03:23and the number of staff based at the site has dwindled over the last decade or so,
03:29and is now actually vacant.
03:31An application to determine if prior approval is required to convert the site into apartments
03:36was lodged earlier this year and will now be reviewed by the City's Planning Committee on 4th June.
03:41The proposals would create 99 self-contained properties comprising studios and one and two bedroom apartments.
03:50A report for the committee said that the change of use is considered to be acceptable and is recommended for approval.
03:57Now, that's it from us today, and you can hear more about those stories at insidermedia.com,
04:02where you can subscribe to our newsletters and learn about upcoming events.
