Adam and Jennifer discuss the acquisition of a whiskey brand, financial results for Sheffield Forgemasters and the sale of a retail park in the Midlands.
00:00The acquisition of a whisky brand, results for Sheffield Forgemasters and the sale of a retail park, all featured in today's business briefing.
00:14So good morning Adam, I believe you have some property news for us today.
00:17That's right, yeah, a big property deal in the West Midlands with a retail park close to the M6 toll road being acquired by British Land.
00:26That relates to Canik's Orbital Retail Park, which has been sold by Clearbell and it actually spans more than 120,000 square feet of retail space across 11 stores.
00:36Now it's led to a mix of retailers, including national names, the likes of M&S Food Hall, Boots, Aldi, Pets at Home and Pure Gym.
00:48So it's definitely a significant deal for Canik.
00:52Brilliant news for the region, or for the town.
00:54So on a different note, unfortunately, there was some disappointing news in the Humber region.
00:59So Arctic Fish Products, which is a fish processing business in Grimsby, announced that it has ceased trading, unfortunately.
01:07The company was founded in 2005, it had operated successfully for many years, processing, packing and storing fish for a strong customer base.
01:16The company said it had experienced significant cash flow difficulties, which were down to material bad debts with key customers, along with the related impact on future trading prospects.
01:27Unfortunately, this led to the directors consulting with RSM UK in addressing the cash flow difficulties and protecting the company's assets for its creditors.
01:36Yeah, it's always sad to see a business ceasing to trade.
01:39Yes, for sure.
01:40On slightly more positive news, are you a fan of whisky by any chance?
01:45I am indeed.
01:46Well, then you'll be interested in this story, I think, because it's about a whisky subscription service, which has actually been acquired by Glenkeir Whiskies, owner of the Whisky Shop.
01:55Now, the company that's been purchased was founded in 2017.
01:58It's called Whisky Me and it actually delivers single malt and world whiskies directly to subscribers in recyclable pouches, which is a real USP.
02:07The business gained widespread recognition in 2021 when it appeared on Dragon's Den and actually secured investment from three dragons.
02:15Gerald Edelman advised on the sale.
02:17It's definitely worth keeping an eye on this company to see how it performs under its new owners.
02:21Brilliant.
02:22Well, to finish off today, there was some good news for Sheffield Forgemasters.
02:27So the steel manufacturer, which is owned by the UK government, has hailed a year of substantial investment in its latest financial results.
02:34So to the end of March, it included £107 million of investments and £286 million in placed contracts.
02:43The company said it secured orders worth £193 million for the period, despite challenging trading conditions, which is more than double its 2023 intake of £72.5 million.
02:57The company also recorded a pre-tax operating loss of £3.9 million, compared to a £4.4 million loss in the previous year against a turnover of £100 million.
03:09So brilliant news there.
03:10Thanks for that, Jen.
03:11And I think that's all from us today.
03:13You can read about those stories or other ones, of course, at insidermedia.com, where you can subscribe to our newsletters and hear about upcoming events.
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