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Work starts on new business park in the Black Country

Work has started on transforming a derelict industrial site in the Black Country into a new business park which is expected to create more than 330 new jobs.Foundry Business Park is being built on 15 acres of land off Brook Street, in Bilston, and will offer a mix of accommodation for small and large companies.Oldbury-based developer Goold Estates has started work on site following confirmation of a £12.5 million investment by the West Midlands Combined Authority (WMCA) to help get the scheme under way.Goold Estates was selected by City of Wolverhampton Council as its chosen developer for the land which it has designated for employment use as part of its wider Bilston Urban Village regeneration project.The WMCA funding is being used in part to cover the cost of cleaning up the site and making it ready for the construction of 15 industrial and distribution units totaling 166,500 sq ft of accommodation to suit a variety of uses.West Midlands Mayor Richard Parker said: "Foundry Park will bring new life to this site and create over 300 much-needed jobs for local people."This modern, environmentally sustainable development will give businesses room to grow and contribute to the community. It will also help tackle a shortage of high-quality workspaces for our region's smaller firms."Investments like this strengthen our local economy and build a solid foundation for future growth that benefits everyone across the West Midlands."Dominic Goold, managing director of Goold Estates, added: "This brownfield site has a complex industrial legacy which has kept it vacant for more than 20 years."It required consultation with a number of third parties to progress the site's development but we are excited to have begun remediation works."Foundry Business Park has the potential to create hundreds of new jobs, secure the future of many firms in the region and attract inward investment."City of Wolverhampton Council leader Cllr Stephen Simkins said: "Bringing this strategically important site forward has been a long-term ambition for the council and I am delighted to see our chosen developer, Goold Estates, start work to create new industrial and distribution units that will deliver hundreds of jobs for our residents.

Henry Lambert · Commercial Property 2026-01-20 10:57:47

Ports&Logistics

Geopolitics & Supply Chains: Lessons from a Year of Crisis in the Red Sea

Market InsightsPublished: May 19, 2025Geopolitics & Supply Chains: Lessons from a Year of Crisis in the Red SeaSince the November 2023 hijacking of British tankerGalaxy Leader, the Houthis have carried out more than 130 attacks in the Red Sea, according to the nonprofit, Armed Conflict Location and Event Data (ACLED).While there is wide agreement on the need for cooperation among countries and multilateral institutions to minimize disruptions to global trade, the Houthis’ determination has thus far inhibited any material progress. Ultimately, no one knows how long it will take for disruptions to end, or how long a return to ‘normal’ could take. This latest global supply chain crisis is yet another reminder of the risks shippers must contend with as they move goods around the world. What’s Being Done Despite the efforts of various groups, governments and multilateral institutions have thus far failed to create the conditions necessary to ensure safe passage of vessels through the Red Sea and into the Suez Canal. A wide range of international and regional stakeholders are working to resolve the dispute, including the UN Security Council, which in January passed a resolution demanding a ceasefire. Additionally, the International Maritime Organization (IMO), the World Shipping Council, along with a number of regional bodies (ICS, BIMCO, GCC, EU, CMF), have jointly condemned the attacks and advocated for cooperation and enhanced maritime security operations. Critically, there are limited operational mechanisms or forums for multilateral cooperation in the region.Operation Prosperity Guardian, a United States-led international coalition force comprising more than 20 nations, was launched in December 2023 with the goal of ensuring the safe passage of commercial ships through the Bab al-Mandab corridor. While the coalition has successfully thwarted numerous attacks through maritime security operations, the Houthis have not yielded. The Next Red Sea: Where Else Could Geopolitical Crisis Erupt?The Red Sea crisis has shown the impact geopolitical conflict can have on global trade. Other strategically important waterways where similar conflicts could cause havoc for shippers include: The South China SeaThe strategic importance of the South China Sea is made clear by the fact that almost 60% of global trade passes through it. However, the continued openness and accessibility of the region is constantly under threat due to territorial disputes between China, the Philippines, Taiwan, Vietnam, Brunei and Malaysia. While China has a vested interest in ensuring the continued navigability of the region given its prominent role in global shipping, tensions have risen in recent months between the Philippines and China. Should military conflict boil over in this region, global trade will almost certainly feel the impact.The Strait of MalaccaThe Strait of Malacca connects the South China Sea with the Indian Ocean, and is a critical chokepoint on trade between Asia, the Middle East and Europe. Critically, the Strait facilitates the import of nearly 80% of China’s oil, and thus the accessibility of the waterway is essential to Chinese security interests. International security observers have speculated that military conflict in the region could lead to the United States and its allies blockading access, which would also have material impacts on global trade. Alternative routes such as the Sunda Strait are, however, available and the incremental distance is far less than the current Suez Canal diversions we are seeing around the Cape of Good Hope.The Strait of Hormuz The Strait of Hormuz is a critical chokepoint for global oil trade and sees approximately 90 ships per day. The prolonged closure of this strategically important passage would likely cause an energy crisis. However, the Gulf nations that are reliant on oil revenues have a strong vested interest in ensuring ships carrying their oil to the rest of the world can pass through it safely. But a history of conflict in the region means this risk should not be too heavily discounted. Lessons in Supply Chain Risk ManagementWhen you operate a global supply chain, geopolitical risk can’t be completely avoided. But its impact on your business can be managed. Control the ControllablesGeopolitical conflict sits far outside the sphere of influence of supply chain and logistics operators.While geopolitical risk can't be completely avoided, the best way to protect your supply chain against it is to reduce reliance on trade routes that pass through vulnerable passages by diversifying supplier and transportation networks. By doing this, you can reduce your dependency on single chokepoints that can grind your supply chain to a halt. Nearshoring is the most common example of this type of risk control in practice, and the Red Sea crisis is likely to accelerate the shift away from globalization that was already underway.Safety stock levels can also be increased to protect against disrupted supply networks, although the cost associated with carrying excess inventory means this is more of a stop-gap than a long term solution.Invest in Supply Chain VisibilityIn times of crisis, knowledge is power. Real-time supply chain visibility delivers on-demand situational awareness and serves as a form of insurance by enabling immediate insight into risk exposure.With less time spent identifying problems, supply chain and logistics teams can shift focus to the implementation of response plans, minimizing disruptions and maintaining operational stability. A good visibility solution will also ensure that the other actors in your supply chain have real-time access to the same information that you do, making it easier to coordinate responses across stakeholders.Make Contingency Planning a PriorityWhere de-risking your supply chain network isn’t possible, contingency planning is your next best alternative.Engaging in scenario planning exercises and building crisis playbooks allows you to proactively identify potential risks and debate the best approaches before you find yourself in the depths of a crisis scenario. 

John Miller · Ports&Logistics 2026-01-23 18:50:36

Rising Shipping Rates Having Little Impact on Global Port Congestion

Market InsightsPublished: May 19, 2025Rising Shipping Rates Having Little Impact on Global Port CongestionRecent rises in ocean freight rates in response to increased shipping demand have thus far had little impact on global port congestion.Shipping rates continue to rise globally, causing concern for port congestion (as measured by a combination of vessel anchor and dwell times) in the world’s largest ports. However, aside from the Port of Ningbo-Zhoushan, the world’s largest container port, the knock-on effects of surging demand for ocean freight have not yet been uniformly experienced across ports in Asia, North America, and Northern Europe. The Port of Ningbo-Zhoushan has seen a dramatic increase in congestion between April and May 2024, escalating from 4.6 to 8.7 days, while other major ports show varying levels of impact. A detailed analysis of 40 ports across Asia revealed that 22 reported increases in congestion in May compared to April. The average increase for these ports was 6.4 hours. In North America, out of 9 analyzed ports, only 3 (Charleston, Oakland, and Houston) showed month-on-month increases between April and May. In Northern Europe, 5 of 11 analyzed ports reported MoM increases, with Hamburg experiencing the largest rise at just over 10 hours.Port of Ningbo-Zhoushan The Port of Ningbo-Zhoushan saw port congestion nearly double between April and May 2024, escalating from 4.6 to 8.7 days. This sharp increase continues a trend of worsening congestion at the port this year. As a critical node in global supply chains, the increased congestion at Ningbo-Zhoushan underscores the port's perpetual struggle with high traffic volumes.AsiaAn analysis of 40 ports across Asia revealed that 22 reported increases in congestion in May compared to April. The average increase for these ports was 0.3 days or 6.4 hours. Excluding Ningbo-Zhoushan from the analysis, the average increase drops to below 2 hours, indicating relatively stable conditions across most Asian ports. On a quarterly basis, only 13 out of the 40 analyzed ports reported increased congestion.North AmericaIn North America, out of 9 analyzed ports, only 3 (Charleston, Oakland, and Houston) showed MoM increases between April and May. Quarterly comparisons indicate that only Charleston and Norfolk experienced congestion increases in Q2 compared to Q1, with Norfolk's rise likely linked to diverted traffic from the nearby Baltimore bridge incident.Northern EuropeNorthern European ports have seen a more pronounced increase in congestion. Out of 11 analyzed ports, 5 reported MoM and QoQ increases. Hamburg experienced the largest rise, with congestion increasing by 0.4 days or just over 10 hours between April and May. Southampton (UK) showed a significant upward trend, with congestion up by 25% from the previous quarter, averaging 1.4 days this quarter.‍

John Williams · Ports&Logistics 2026-01-31 02:03:46

The Busiest Container Ports in the United States

Market InsightsPublished: May 19, 2025The Busiest Container Ports in the United StatesAs the world's largest economy, it's no surprise that the United States plays a significant role in global trade, with its container ports serving as vital gateways for goods entering and leaving the country. While no American facility ranks in the top 10 container ports globally, the country is home to nine of the world's 100 busiest ports that collectively handled over 50 million TEUs in 2023. These ports support a complex supply chain network that connects the U.S. to markets around the world. Busiest Container Ports in the US by Annual TEU ThroughputBased on theLloyd's List 2023 One Hundred Ports Analysis, the following are the busiest container ports in the United States by annual TEU (Twenty-Foot Equivalent Unit) throughput.1. Los AngelesThe Port of Los Angeles leads as the busiest container port in the United States, handling 9,911,155 TEU in 2023. Located on the West Coast, it is a crucial hub for trans-Pacific trade, particularly with Asia. Its strategic location, coupled with investments in infrastructure and technology, enables it to manage high volumes efficiently.2. New York/New JerseyThe Port of New York and New Jersey ranks second, with an annual throughput of 9,493,664 TEU. As the largest port complex on the East Coast, it serves as a key entry point for goods into the northeastern U.S. and supports extensive trade with Europe, Asia, and other regions.3. Long BeachSituated adjacent to Los Angeles, the Port of Long Beach handled 9,133,658 TEU in 2023, making it the third-busiest container port in the country. It forms part of the San Pedro Bay port complex, which is the largest in the Western Hemisphere. Long Beach's modern facilities and deep-water berths are designed to accommodate the world's largest container ships.4. SavannahThe Port of Savannah, with a throughput of 5,892,131 TEU, is the fourth-busiest U.S. port. As the fastest-growing port in the nation, Savannah benefits from its strategic location near major rail lines and highways, facilitating easy access to the southeastern and midwestern markets.‍‍5. HoustonThe Port of Houston ranks fifth, processing 3,974,901 TEU in 2023. As a major hub for the U.S. energy sector, Houston handles a large volume of containerized cargo, particularly petrochemical products. Its proximity to the Gulf of Mexico makes it a key gateway for trade with Latin America and beyond.6. Norfolk (Virginia)Norfolk, with an annual volume of 3,704,723 TEU, is the sixth-busiest port in the U.S. Its deep harbor, capable of accommodating the largest container ships, and proximity to the Atlantic Ocean make it a crucial entry point for goods entering the mid-Atlantic and Midwest regions.7. Seattle/TacomaThe Northwest Seaport Alliance, comprising the ports of Seattle and Tacoma, handled 3,384,018 TEU, ranking seventh. This port complex plays a critical role in trade with Asia, particularly China, South Korea, and Japan, due to its strategic location on the U.S. West Coast.8. CharlestonThe Port of Charleston processed 2,792,313 TEU in 2023, placing it eighth on the list. With its rapidly expanding facilities and deepened harbor, Charleston is emerging as a key player in containerized trade on the East Coast.9. OaklandThe Port of Oakland, with an annual throughput of 2,337,607 TEU, is the ninth-busiest U.S. port. Located in California, it serves as a major gateway for agricultural exports from the western U.S. and handles significant volumes of imports from Asia.The Fastest Growing Container Ports in AmericaThe Ports of Savannah and Charleston are among the fastest-growing container ports, having positioned themselves as key logistics hubs that offer easy access to major markets in the Southeast and Midwest.The Port of Charleston is  expanding its capacity to accommodate larger vessels and increased cargo volumes. With a recently completed harbor deepening project that enables the port to receive post-Panamax ships and a planned terminal expansion, Charleston is well positioned to continue its growth.‍

Jane Davis · Ports&Logistics 2026-01-23 21:35:57

Container Port Congestion Statistics: June 2024

Market InsightsPublished: May 19, 2025Container Port Congestion Statistics: June 202453 of 89 analyzed container ports (60%) reported increased port congestion between May and June. This is a clear sign of the pressure being felt by global supply chains amidst the Red Sea crisis and surging demand for container shipping in what is being characterized by many in the industry as a “junior-COVID” environment.Note: Port congestion is calculated as the sum of average vessel anchor and berth times during the specified time period. Download your free copy of ourcontainer port congestion reportfor all the data. Most Congested Ports in June 2024  Port  Country  Average combined anchor and berth time  Durban  South Africa 9.8 days  Ningbo-Zhoushan   China 6.5 days  Charleston  United States  5.0 days  Chittagong  Bangladesh  4.1 days  Los Angeles  United States 3.7 days‍Durban continues to suffer from extreme congestion as a result of operational issues and equipment shortages. Despite reducing port congestion by over two days, Ningbo-Zhoushan remains the second most congested in our index – a position it is likely to remain in as the world’s busiest container port continues to cope with increased demand. Charleston continues its climb up our index of the most congested ports, jumping to third position after being ranked sixth in May and 40th in April. The agreed reopening of the Leatherman terminal following a protracted labour dispute is expected to help reduce wait times for vessels at the port. Chittagong and Los Angeles follow with Long Beach ranking sixth as the only other port in our index with congestion in excess of three days. Manila, Vancouver, Jebel Ali and Houston round out the top ten congested ports in June. Ports Facing Worsening Congestion in June 2024 Port Country May June Change (days) Change (hours) Change % Durban South Africa 6.92 9.80 2.88 69.20 41.67% Charleston United States 3.34 5.01 1.67 40.12 50.07% Port Kelang Malaysia 1.23 2.11 0.87 20.97 70.80% Khalifa United Arab Emirates 1.61 2.12 0.51 12.35 31.99% Chittagong Bangladesh 3.64 4.07 0.44 10.46 11.98%‍Durban’s struggles have manifested once again with port congestion reaching a new high for 2024 of nearly 10 days, having previously been as high as 8.5 days in January. Worsening congestion in Charleston, Port Kelang and Chittagong may be indicators of increasing congestion associated with surging demand and vessel bunching associated with the Red Sea crisis.Ports Experiencing Reduced Congestion in June 2024 Port Country May June Change (days) Change (hours) Change % Ningbo-Zhoushan China 8.72 6.52 -2.20 -52.82 -25.23% Jebel Ali UAE 3.83 2.69 -1.14 -27.36 -29.76% Vancouver Canada 3.65 2.75 -0.89 -21.47 -24.53% Lomé Togo 2.89 2.02 -0.87 -20.90 -30.14% Southampton United Kingdom 1.44 1.10 -0.34 -8.23 -23.78%‍Ningbo-Zhoushan remains severely congested despite significant improvements and after ranking third in our index in May. Jebel Ali (UAE) drops to ninth most congested port in our June index.The Port of Vancouver also saw its best month of the year, recording average congestion of 2.75 days, down from a peak of 6.27 in February. Lomé (Togo) seems to be recovering from worsening port congestion earlier in the year that was likely linked to its growing role as a transshipment port for MSC amidst the Red Sea crisis.‍‍Asian Port CongestionAcross 16 surveyed ports in China, port congestion averaged 1.11 days in June. While Ningbo-Zhoushan remains atop the list of congested ports in Asia, only two other Chinese ports (Rizhao and Jinzhou) in our index experienced average port congestion in excess of 24 hours last month. Of the eight Chinese ports reporting month-over-month increases in congestion, the largest increase was less than four hours. In SE Asia and the Indian subcontinent, however, 71% (10 of 14) of analyzed ports reported worsening month-over-month port congestion in June. However, only three ports reported congestion increases of more than five hours: Port Kelang (+21 hours), Chittagong (+10 hours) and Tanjung Priok (+5 hours). In another sign of the pressure being felt by global supply chains, June port congestion in Manila averaged 2.95 days, up nearly 70% from January.Congestion levels in Japan and South Korea remain low and largely unchanged.North American Port CongestionCharleston saw port congestion surge above five days in June. On the North American west coast, Los Angeles (+9 hours), Long Beach (+8 hours) and Seattle (+5 hours) also saw port congestion worsen in June. The Port of Vancouver showed the most improvement in the region as it saw average congestion drop below three days for the first time since October 2023. European Port CongestionAt European ports, 10 of 18 analyzed ports reported increased congestion in June. Antwerp (+10 hours) and Le Havre (+9 hours) both saw combined vessel anchor and berth time increase by more than 25% month-over-month. Mitigating the Impact of Congestion on Your Supply ChainPort congestion can't be entirely avoided, but there are some steps that can be taken to mitigate and minimize its impact on your supply chain.Leverage data from visibility platforms to identify problem ports, then seek out alternatives within the same country or region that can be used to reroute your goods. For example, if the data shows that Charleston and Savannah on the US East Coast are congested or expected to be congested in the near future, try using New York or Baltimore.Check for ports in neighboring countries or regions that may have trucking or rail links that allow you to bypass congested ports. For example, cargo from Middelburg in South Africa can be shipped out of Maputo in Mozambique quicker than railing it to Durban.Monitor global and local congestion levels to understand the trend and where possible, adjust production schedules to protect against congestion related delays.With global congestion becoming a more persistent issue, consider using alternative local suppliers who may be closer to your manufacturing/distribution centers for smaller orders. Even if the costs are higher, when considering the delays and uncertainty of receiving the orders in time, you could benefit.Consider rail and road routes as an alternative to ocean container shipping where possible.‍‍

John Williams · Ports&Logistics 2026-01-11 04:44:51

Manufacturing

Nissan reveals new European range including Sunderland-built Leaf and Juke - and a comeback for the Micra

· Manufacturing 2026-01-26 15:32:38

Airea looking to benefit of multimillion-pound investment effort as sales grow

· Manufacturing 2026-01-12 13:54:46

UK manufacturing woes deepening as industry 'hit on several fronts'

· Manufacturing 2026-01-17 07:14:17

Aston Martin at risk of takeover as Canadian billionaire Lawrence Stroll boosts stake

· Manufacturing 2026-01-18 22:16:36

Cycling accessories firm secures funding to expand Bristol HQ

A Bristol cycling accessories designer and manufacturer has secured £600,000 to fuel its expansion plans. Tailfin, on Cumberland Road, is part of the rapidly-growing 'bikepacking' market - an adventure-focused cycling discipline where cyclists carry all necessary gear on their bikes. The company was founded a decade ago by Nick Broadbent, a mechanical engineer and product designer, and initially focused on rack and pannier accessories. Today, Tailfin has more than 12 product lines distributed from warehouses in the Netherlands, US, and Europe. The business will use the additional working capital from the British Business Bank's South West Investment Fund, and delivered by fund manager FW Capital, to broaden its product range, it said. Significant investment is also being directed towards expanding the company's Bristol headquarters, creating a state-of-the-art R&D studio with new equipment, specialised tools, and enhanced prototyping capabilities. Extra funds will also be used to invest in high-quality video production equipment and a dedicated studio space, Tailfin added. Mr Broadbent said: “This investment marks a significant milestone for Tailfin, enabling us to push the boundaries of design and technology further and to enhance our robust intellectual property portfolio, which already includes over 20 patents. "Crucially, it also supports our growth strategy by enabling us to expand both our innovative product lines and our talented team of passionate cycling enthusiasts.” Tailfin's Bristol headquarters houses a team of 25 designers, marketers, and operational specialists, collaborating with specialist manufacturing partners across China, Vietnam, and Taiwan. Jordan Berg represented FW Capital and led the deal. He said: “Tailfin is a premium quality brand in the bikepacking world that have created an innovative range of products that appeal to all cyclists from commuters, adventure cyclists to world-class ultra endurance athletes. Nick’s vision to bring his products to market is very impressive and the success Tailfin has enjoyed is testament to that." The South West Investment Fund provides loans from £25k to £2m and equity investment up to £5m to help small and medium-sized businesses to start up and scale up. Fund manager FW Capital provides debt finance using the South West Investment Fund to businesses in Bristol, Gloucestershire, North and North East Somerset and Wiltshire. Lizzy Upton from the British Business Bank added: “The South West Investment Fund was created to support ambitious businesses like Tailfin, helping them scale, innovate, and strengthen their market position."

· Manufacturing 2026-01-21 12:54:44

Fears for Scunthorpe steelworks jobs as consultation launched on closure

British Steel's Chinese owner Jingye is launching a consultation on the closing of its blast furnaces at Scunthorpe steelworks, sparking fears for thousands of jobs at the site. Unions the GMB, Community and Unite have called on the Government to help secure the future of British Steel, which has said the closure could come at a later date if an agreement is reached. Jingye, which pointed to the impact of tariffs among the reasons for the decision, says it has invested more than £1.2bn in British Steel since it took over in 2020 and has incurred losses of about £700,000 per day. It said: "Despite this, the blast furnaces and steelmaking operations are no longer financially sustainable due to highly challenging market conditions, the imposition of tariffs, and higher environmental costs relating to the production of high-carbon steel. The company had sought support from the UK Government for a major capital investment in two new electric arc furnaces. "However, following many months of negotiations, no agreement has been reached. As a result, the difficult decision has been made to consult with employees and to consider proposals to close the blast furnaces and steelmaking operations and reduce rolling mill capacity." British Steel chief executive Zengwei An said: "We understand this is an extremely difficult day for our staff, their families, and everyone associated with British Steel. But we believe this is a necessary decision given the hugely challenging circumstances the business faces. We remain committed to engaging with our workforce and unions, as well as our suppliers and customers during this time." News of the consultation follows a plan put forward in February by Community which proposed to keep two blast furnaces at Scunthorpe while new, electric arc furnaces were built. The plan required £200m of Government support to offset carbon costs during the transition period. At the time, Community warned that if the Scunthorpe site was to close, the UK would become the only G7 country without domestic steelmaking capacity. The prompted worries over national security. Jingye said it had sought Government support for the major capital investment required for the electric arc furnaces but that months of negotiations had not yielded an agreement. Roy Rickhuss, Community general secretary, said: "This is a dark day for our steel industry and for our country. We urge Jingye and the UK Government to get back around the table to resume negotiations before it is too late. "Crucially, Jingye have not ruled out retaining the blast furnaces during a transition to low-carbon steelmaking if they can secure the backing of the Government. The closures at Scunthorpe would represent a hammer blow to communities which were built on steel, and where the industry still supports thousands of jobs directly and thousands more through extensive supply chains. "Given that we are now on the cusp of becoming the only G7 country without domestic primary steelmaking capacity, it is no exaggeration to say that our national security is gravely threatened. This would be catastrophic at any time, let alone in the current era of geopolitical instability and volatility. "Steel is an essential component of defensive infrastructure, just as it is to wider plans to invest in growth across the country. At this critical juncture, the Labour Government must do everything it can to secure the future of steelmaking at Scunthorpe - it would be unthinkable for them to let it die on their watch. "Labour has made important commitments to steelworkers, including setting aside £2.5bn towards supporting the steel sector with decarbonisation, and it is now time for Government to deploy these funds to protect the industry. "If the Government chooses to let Scunthorpe die it would make a mockery of their grand ambitions to deliver growth through massive infrastructure investment, because British Steel is our only steelmaker than can produce the construction steels the country needs for our roads, railways, schools and hospitals."

· Manufacturing 2026-01-13 06:12:28

Aston Martin to pay top bosses more than peers after struggling to attract talent

Aston Martin is set to outstrip its FTSE 250 counterparts by offering higher remuneration packages to its top executives, following difficulties in attracting high-calibre talent in recent years. The luxury car manufacturer, based in Warwickshire, is considering boosting the bonus potential for its CEO and CFO from 200% to 250% of their respective salaries, as reported by City AM. In a statement, Aston Martin noted that "while this would position annual bonus ahead of UK FTSE 250 practice, it would take our annual bonus policy to median within our identified global luxury peer group and lower quartile against our automotive peers." The company conceded that it has faced challenges in talent acquisition "due to the lack of competitiveness of our reward packages" under its latest remuneration policy. It further stated that the enhanced bonus opportunity would "continue to be linked to stretching targets, ensuring maximum payouts are only received for exceptional performance across a range of KPIs [key performance indicators]." Additionally, Aston Martin is proposing a new hybrid long-term incentive plan structure which would merge existing performance share awards with new restricted shares "to better support the delivery of our strategy." CEO Adrian Hallmark, who took the reins at Aston Martin in September last year after serving as chairman and CEO of luxury car maker Bentley, is among those set to benefit from these changes. Prior to Hallmark's appointment, Aston Martin was led by CEO Amedeo Felisa since 2022 under the watchful eye of executive chairman Lawrence Stroll. Hallmark's remuneration for his initial tenure at Aston Martin amounted to £1m, comprising a pro-rata salary of £333,000, an annual bonus of £600,000, and additional benefits and pension contributions. This financial disclosure follows a report by City AM in February revealing that Aston Martin was set to eliminate 170 jobs as part of a cost-cutting strategy. The job cuts, representing five per cent of its global workforce, are expected to yield savings of about £25m. Concurrently, Aston Martin reported an annual loss of £289.1m and a three per cent decline in revenue to £1.58bn. The company's debt escalated by 43 per cent to £1.16bn in 2024, with shares dropping by roughly a third. In the annual report, Anne Stevens, the chair of the remuneration committee, wrote: "While our 2022 policy was designed with good flexibility and has proved broadly fit-for-purpose, we have faced challenges that the proposed 2025 policy aims to address." "Aston Martin, while a UK-headquartered and FTSE-listed company, is a global business and sources executive talent from global luxury and automotive companies." "Over 80 per cent of cars we wholesaled in 2024 were to our regions outside of the UK, and our executive directors frequently visit the regions and must navigate regulatory and political challenges across global jurisdictions." She continued: "The committee avoids targeting the median of any single peer group and would not rely on benchmark data for policy changes, instead we take a holistic view of UK and global reward practices." "While we have been able to secure recent key hires, we have faced challenges during the recruitment process, due to the lack of competitiveness of our reward packages, particularly our incentive opportunities compared to global luxury and automotive peers (where we have recruited talent from)." "A further reference point considered was the history of realised pay at Aston Martin since 2021." "While outcomes of our incentives over recent years have reflected the ambitious nature of the company and industry-wide challenges and therefore the shareholder experience, the committee is mindful that incentive outcomes have not reflected the significant efforts of the team." "This has resulted in our executive directors being underpaid relative to other senior leaders at Aston Martin, who receive a portion of their remuneration in restricted shares. "While incentivising performance remains our priority, we believe we would benefit from a revised incentive approach, to better align the senior team and to reflect practice of our global peers."

· Manufacturing 2026-01-28 09:08:44

Commercial Property

Former Cardiff office building being turned into Wales' first co-living scheme

A project transforming a former office building in the centre of Cardiff into Wales’ first co-living scheme has secured a £30m-plus funding boost to ensure its completion . Developer Urban Centric has struck a £23.8m debt deal with Shawbrook for the project at the 60,000 sq ft Knox Court building alongside securing a £7.6m equity injection from Housing Growth Partnership, which is part of Lloyds Banking Group. The project is scheduled for completion in January 2026 and will provide 206 apartments for rent, alongside share areas. It will also have office units on the ground floor. The funding will finance the construction work, including the addition of two new floors, and assist with tenant acquisition. The building has been vacate since financial services firm L&G moved staff last year into its new Welsh HQ building at the Interchange scheme, which forms part of the wider Central Square development around Cardiff Central Station. Andrew Wood, director of Urban Centric, said: “Urban Centric are proud to be delivering the first co-living scheme in Wales with our partners, the Housing Growth Partnership and with the support of Shawbrook. “Following the successful completion of our first scheme with Shawbrook in Swansea in 2022, we were delighted to partner with them once again on this landmark project. Their flexible and tailored funding approach has been instrumental in helping us bring our vision to life and we look forward to working with them in the future.” John Hughes, senior relationship director at Shawbrook, said “We are pleased to support Urban Centric in launching Wales’s first co-living scheme. This partnership, alongside the Housing Growth Partnership, combines our financial expertise with their innovative vision, propelling the project forward. Co-living offers a flexible, community-focused living experience that resonates with today’s urban residents seeking affordability and connection. Working with Urban Centric again underscores our commitment at Shawbrook to fostering strong relationships with developers.” Mike Murphy, director of Housing Growth Partnership, said: “This first investment alongside Urban Centric highlights the ever-growing significance of equity funding in creating, regenerating and delivering vibrant communities and homes that meet an unmet demand for housing in key regional UK cities. It also underscores our team’s capability in executing complex equity transactions across the UK living sector. "Co-living in particular is a nascent but fast-growing product, as people prioritise city centre living and the infrastructure and social advantages it brings. It’s been great working with the team at Urban Centric to date and the collaboration with Shawbrook has given us the reliable financing and confidence needed to bring this project to life.

· Commercial Property
2026-01-29 00:17:00

Restoration of Hull's landmark Burton building progresses under Wykeland plans

A landmark historic property in Hull has been revealed after undergoing a major regeneration by a city-based developer. The 1930s Burton building - the original home of menswear retailer Burton - has been re-established by Wykeland Group as commercial and leisure space. Scaffolding has now been removed from the prominent art deco property, which once completed will provide 12,700 sqft of prime city centre space over five floors. Replacement granite cladding for the building - now called Burton House - has been sourced from the same quarry in Norway as the original stone, which dates back to the mid-1930s. And its art deco windows have been replaced with new signage to be installed. Work so far on the upper floors has refurbished the original lift and now internal walls will be removed to create open-plan work areas. The project includes 2,400 sqft of retail and restaurant space on the ground floor and 1,600 sqft of basement area that could be used for back-of-house. On the first, second and third floors, there will be 2,500 sqft of office and commercial space. Jonathan Stubbs, Wykeland development director, said: "There has, unsurprisingly, been a huge amount of excitement and anticipation surrounding the regeneration of the Burton building. As one of the best-known landmarks in Hull, we’ve approached this project with a great deal of care and sympathy. With the scaffolding now removed, and the restored exterior of the building revealed, people can envisage how Burton House will transform the entrance to Whitefriargate. "As the project has progressed, we have had growing levels of interest from potential leisure and retail occupiers of the ground floor and basement accommodation, looking to make the most of this rare opportunity to move into a prime, regenerated city centre space. We expect that demand will further intensify now people can see the quality of the restoration we are carrying out." Grant funding for the Burton House project includes £750,000 from the Levelling Up Fund Grant Scheme, allocated by Hull City Council and a further £450,00 from Historic England. For Wykeland, the project is the latest part of long-term regeneration effort that includes a number of its properties between Whitefriargate and Alfred Gelder Street. Coun Paul Drake-Davis, Hull City Council’s portfolio holder for regeneration, said: “It’s wonderful to see Burton House being rightly restored to its former glory. For people visiting the city centre, it is a symbol of the wider regeneration of Hull which simply could not happen without companies like Wykeland.

· Commercial Property
2026-01-20 17:05:59

North Cornwall hotel put up for sale following renovation

A coastal hotel in north Cornwall that has recently been refurbished has been put up for sale. Widemouth Manor, near Bude, is a family-run operation with 10 ensuite rooms, a restaurant, lounge bar, rooftop terrace and gardens. The hotel has undergone "significant" renovation works under the current ownership, according to specialist property firm Christie & Co which has been instructed to market the venue. Set within private grounds, Widemouth Manor holds a wedding license and regularly hosts events, celebrations and private functions. On-site managers’ accommodation and a sizeable car park are also included in the sale. According to Christie & Co, there is scope for a new owner to grow existing operations by extending trading times and developing the facilities further, subject to obtaining necessary consents. Widemouth Manor freehold is being marketed at an asking price of £2.9m. The business is also available by way of a new lease at an asking premium of £350,000. Stephen Champion, director of hotels South West at Christie & Co, who is handling the sale, said: “Widemouth Manor presents as an exceptionally profitable business which could suit integration into either an existing group operation or acquisition by an individual operator. We expect strong buyer interest in this superbly positioned business.”

· Commercial Property
2026-01-21 13:40:11

New office for Harris Lamb

Commercial property consultancy Harris Lamb has relocated its 60-strong team in Birmingham to a new office.The business, which has been based in Francis Road in Edgbaston for the past 21 years, has leased 5,391 sq ft of space on the fourth floor of 4 Brindleyplace. The move will support its growth plans.Director Charles D'Auncey said: "This is a very exciting move for us, the time was right for the business and the team."We wanted a central, sustainable and flexible office solution that would suit the needs of our multi-service team, both professionally and personally."Brindleyplace needs no introduction, lying at the heart of the Second City, and offering superb amenities and an excellent business community within the complex itself."2024 has been an exceptional year for Harris Lamb, with us having made a number of key senior appointments within the business to further our growth and we are delighted to be relocating to our new Birmingham office and look forward to what the future holds."The office has undergone an extensive fit out, led by Harris Lamb's own project management and building consultancy team, with improvements including a new heating and cooling system and LED lighting.

Elizabeth Hart · Commercial Property
2026-01-08 21:59:38

OP wins brief to fit out food firm's new home

Office interior design consultancy OP has won the brief to deliver the new Solihull home of food processing firm ABP UK.OP will refurbish 28,000 sq ft of Vienna House, on International Park, following a competitive tendering process.The 12-week project will create a modern, office environment for up to 200 people, with a range of settings to allow for privacy, focussed work and collaboration.Features will include a conference suite, demonstration kitchen and space for town hall meetings. There will also be quiet spaces and also various areas for collaborative working and client visits.Specialist acoustics will be installed throughout the workspace to ensure optimum noise levels.The design includes finishes made with plastic sourced from the ocean floor and existing furniture and materials are being reused and retained wherever possible.ABP acquired Vienna House earlier this year and will occupy two floors of the three-storey, self-contained building, on completion of the refurbishment.Gary Tailby, joint managing director of OP, said: "We're looking forward to delivering a fabulous new workplace for ABP UK."The project is the culmination of a year-long collaboration between the two companies to pinpoint the best available location for the new office and create a high-end design that supports flexible ways of working.

Clara Walsh · Commercial Property
2026-01-08 13:18:53

Birmingham office block to undergo major overhaul

A 1980s office building in the heart of Birmingham's business district is to undergo a major facelift which will include the addition of a new roof terrace. Estilo Interiors, which specialises in office fit-out and design, has been recruited to lead the revamp of 35 Newhall Street after plans for the project were first lodged last year.35 Newhall Street, which sits at the corner with Cornwall Street, is six storeys tall and has 70,000 sq ft of space.The planned work comprises the addition of a roof terrace and sky lounge, replacement of the existing cladding with a modern, reconstituted stone cladding, the installation of six electric vehicle charging points in the basement car park and a new 44-space cycle hub with lockers and changing rooms.The existing Newhall Street entrance will undergo a transformation, replacing the current canopy with a portal adorned with perimeter lighting.Andrew Moore, founder and managing director of Estilo Interiors, said: "We are delighted to spearhead the refurbishment of 35 Newhall Street."This project represents a significant step in our ongoing commitment to delivering innovative and sustainable office spaces that meet the evolving needs of today's businesses."Property consultancies Knight Frank and Savills have been appointed as joint leasing agencies for the office space.Jamie Phillips, partner in the office agency team at Knight Frank, said: "35 Newhall Street will, on completion, provide the market with much-needed, high-quality office accommodation which will offer the very highest sustainability credentials and provide occupiers with a best-in-class experience."Ben Thacker, office agency director at Savills, added: "On track for completion next summer, 35 Newhall Street will be delivering a new opportunity that is precisely aligned to the scale, location and quality of workspace that occupiers are seeking in an office market with increasingly limited availability."

Mia Shaw · Commercial Property
2026-01-18 17:14:17

Office block above night time 'strip' set to be transformed into 14 flats

Plans have been put forward to convert the upper floors of the Victoria Buildings on Bury's bustling Silver Street into 14 new flats. Previously utilised as office space, the planning application reveals a stark decline in occupancy rates from 80 per cent in 2017 to a mere 10 per cent by 2019, with the building becoming entirely vacant in 2023. Silver Street is known for its nightlife, hosting an array of bars, restaurants and nightclubs, reports the Manchester Evening News. The proposed development aims to repurpose the commercial upper floors into residential units, offering 10 one-bedroom and four two-bedroom flats for market sale. Should the plans be approved, all existing windows will be replaced, although no other external alterations are expected as the redesign is intended to accommodate the current structure. A design and access statement submitted by the applicant, Mr R Sidebottom, highlights: "The site at Silver Street is located within a central, highly accessible urban area." The plans state: "The proposed density of 14 units is compatible with the surrounding urban context, where residential and commercial developments of similar scale are prevalent. Given the site's proximity to public transport links, shops, and local amenities, the proposed density is sustainable and aligns with the objectives of national and local policies that encourage higher densities in urban areas to reduce the need for outward expansion." A heritage statement on the Victoria Buildings, constructed in the late 19th century, describes it as 'a prominent example of Victorian commercial architecture in Bury'. It adds: "Each studio apartment has been designed to meet national space standards." "The development will make efficient use of the existing building, contributing positively to the local housing stock without negatively impacting the character or amenity of the surrounding area."

· Commercial Property
2026-01-17 01:39:50

Manufacturer secures huge land deal in Birmingham

A manufacturer of non-combustible insulation has signed a deal to open a huge new production facility in Birmingham.Rockwool has agreed terms to buy 114 acres of land at the Peddimore site near Sutton Coldfield with the aim of building a state-of-the-art manufacturing hub.It will feature proprietary electric melting technology for its stone wool insulation products.The new facility will boost supply capacity for UK and Ireland customers while also supporting the company's global sustainability plans along with creating jobs directly and supporting the West Midlands' supply chain.The Peddimore site at Minworth has been designated specifically for manufacturing and logistics uses and is part of a long-running regeneration and development project.Infrastructure including a new access road and roundabout is already in place which serves the new Amazon warehouse which opened last year next to where Rockwool's new factory will be.The manufacturer said it would launch a consultation in the coming weeks over its plans including information events for the local community to learn more about its proposals and the business in general.It will then submit a planning application to Birmingham City Council. This would be the company's second UK production facility in addition to its existing Bridgend plant.UK and Ireland managing director Nick Wilson said: "We're very excited at the opportunity to expand the business into the West Midlands that would enable us to boost our production capacity in the UK and to create quality jobs and business opportunities in the local community."During the past 45 years, we have built a strong foundation at our site in South Wales where we will continue to manufacture and invest for the long-term and are now looking to build on that success with a second manufacturing plant at the Peddimore site."The West Midlands has a skilled, local workforce, a strong manufacturing tradition and excellent transport links so it is an ideal location for us to expand our business in the UK and bolster our service to customers in the Midlands and across the north of England and Scotland.

Ella Brooks · Commercial Property
2026-01-30 16:48:21