16
BAROMETER UP
▲ Burnley-based Velocity Composites is set to expand its operations in the UK and US after securing a £1.5m investment from Seneca Partners, an existing shareholder, through its £50m EIS Fund.
▲ Blackburn-based tech firm IN4 Group has secured a major deal with Saudi Aramco, one of the world’s leading integrated energy and chemicals companies. The project will contribute to Saudi Arabia’s Vision 2030 commitment of delivering 39,000 jobs in gametech, accelerating female empowerment and entrepreneurship. IN4 Group has been chosen to boost immersive technology innovation, skills and start-up growth at The King Abdulaziz Centre for World Culture, Ithra.
▲ The Lancaster University School of Mathematics has officially opened following an £8.5m investment. The school is housed in a new bespoke building situated on London Road, close to Preston city centre and the main campus of Cardinal Newman College.
▲ Luxury developer Belgravia has acquired a two-acre site at the heart of Preston’s new Stoneygate Masterplan for £6.3m. The former Dryden Mill site has planning permission for 469 one and two bedroom apartments and 8,000 sq ft of commercial space across three ground floor units.
▲ Blackpool-based debt specialist Perch Group has secured two new funding facilities worth a combined £90m to enable the next stage of its ambitious growth plans. The new capital comprises a NatWest-led banking syndicate, which includes Hampshire Trust Bank, and a material enhancement and increase of the existing arrangement with Quilam Capital, the company which supported Perch Group’s management buy-out in April 2022.
▲ Leyland-based Cavity Extraction has invested £50,000 in drones which use thermal imaging technology to identify potential heat loss in homes and buildings. Able to canvas an entire street at one time, the technology is ten times faster and up to 75 per cent more cost effective than traditional methods, allowing the company to better serve housing associations and property developers.
▲ GVS, a global specialist in filtration components based in Bologna, has secured planning permission to build a £10m manufacturing facility in Lancaster. Its current UK office in Morecambe opened in 1995 and employs more than 190 people. All employees will be relocated to the new site.
▲ Northcote Cookery School has been named as a centre of excellence by the Independent Cookery Schools Association (ICSA). Based within the Michelin-starred kitchens of Northcote Country House Hotel in Langho, the school specialises in hands-on courses featuring fresh regional and seasonal produce.
▲ The civil engineering division of Bamber Bridge-based Eric Wright has been appointed to the £8bn Procure Partnerships National Contractors Framework for Infrastructure. The company has been awarded a place in both the North East and Yorkshire for Lot 1 (£1m to £5m) and Lot 2 (£5m to £15m). The Eric Wright Group has now recorded five years of consecutive revenue growth, up to £168m for 2022.
▲ Blackburn-based paper products manufacturer Accrol has increased annual revenues to £241.9m. Revenues for the year ended 30 April 2023 are up 52 per cent over last year’s £159.4m. Accrol has also reported that market share has grown from 19.5 per cent to 21.5 per cent.
▲ The government has selected Lancashire as the pilot region for its new bursary which is designed to encourage 16-to-18-year-olds to pursue careers in defence. The pilot has been launched by Strategic Command, which is part of the Ministry of Defence. Lancashire has been chosen ahead of the opening of the National Cyber Force (NCF) headquarters in Samlesbury.
▲ United Utilities has published a £13.7bn investment plan it says will deliver cleaner rivers, more reliable water supplies and extra support for customers struggling with bills. The plans include investing more than £870m to improve the river environment of Lancashire, which would support 30,000 jobs across the region including 7,000 new posts.
▲ Audit, tax and consulting firm RSM has committed its future to Preston by signing a ten-year lease on its premises in the city. After taking on 23 new students in 2023, the team at Bluebell House has increased to more than 220 people.
▲ Victorian Plumbing is set to be handed the keys to its new 544,000 sq ft home after developer Caddick Group reached practical completion on the site. The new home for the bathroom retailer is a logistics hub serving as the anchor building for Farington Park in Leyland.
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