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Dan and Robyn discuss a major factory opening in Sunderland, a Wales rich list, and plans for an iconic venue in Sheffield.

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00:00A new automotive factory in Sunderland, the Wales Rich List and news from an iconic venue

00:05in Sheffield, all featured in today's Business Briefing, sponsored by Shawbrook.

00:09Morning, Robin.

00:11Morning, Dan.

00:14So, some news from your hometown.

00:18Absolutely.

00:19Always love a Sheffield story.

00:20And this one's really nice.

00:21It's about the Aberdale Picture House, which is a really iconic venue in Sheffield, opened

00:26back in the 1920s as a cinema.

00:28And it's been unused since February last year, but now it's been acquired by True North

00:33Brewing Company.

00:34So, really exciting.

00:35They've got plans to restore it.

00:37It's a grade two listed building, so they're going to bring it back to its kind of former

00:41glory.

00:42And then hopefully they'll be able to host live events and music festivals and things

00:46like that there.

00:47So, really exciting.

00:48And it also is creating 50 jobs, so great for the city as well.

00:52And that'll be a great sort of local boost for the economy.

00:55And on a similar note, automatic transmission manufacturer, Jatco Limited, has opened a

01:00new 140,000 square foot factory in Sunderland, which is also going to create a lot of jobs.

01:05And Jatco is a major supplier for Nissan, and the factory worth almost 50 million pounds

01:09will produce electrified powertrains for the nearby Nissan plant.

01:14It was situated on the International Advanced Manufacturing Park and create up to 183 jobs

01:18in the area.

01:19Great.

01:20This is Jatco's fourth overseas production plant with other locations in Mexico, China

01:25and Thailand, in addition to their headquarters in Japan.

01:28Nissan has said the move will be a big boost for the efficiency of its supply chain, as

01:31well as its EV360 project, which is built on three new all-electric vehicles, specifically

01:37the Qashqai, Duke and Leaf models.

01:40So that's great news for Sunderland and the electric vehicle fans.

01:44And moving on, I understand you've got another rich list for us today.

01:47Yeah, so we do our rich list in all the regions, and it's Wales' turn now.

01:51So the one that's come out today is a rich list of the under 40s.

01:55So all the wealthiest young entrepreneurs, really, in Wales.

01:58And the list has been topped by 37-year-old retail entrepreneur Alex Lovham.

02:02So he founded Networld Sports over in Wrexham.

02:06And in the last year, profits have gone up to 80 million, meaning it's now a 200 million

02:10pound business.

02:11So he's had quite an interesting backstory as well.

02:15So Lovham started in business at the age of 13.

02:18He bought a cricket bat on eBay for £60, noticed that it was manufactured in India,

02:24and managed to get them to sell the cricket bats to him for £6.

02:27So entrepreneurial from a very early age, and it's obviously paid off.

02:32And the rich list will be available, the full rich list, in the February-March issue of

02:36Wales Business Insider.

02:37So you can definitely make sure to check that out.

02:41Just to finish up here, and I'm all sad now, unfortunately, a Northwest kitchen manufacturer

02:45has ceased trading and appointed administrators after being impacted by challenging trading

02:51conditions.

02:52Multiwood Products, it's a family-run business, which has crafted bespoke kitchen doors and

02:58accessories for customers across the UK for more than 30 years now.

03:02The business was placed into administration due to difficult trading conditions, which

03:07in turn created a lot of cash flow challenges.

03:10FRP Advisory has been appointed as joint administrators of the company, which employed a workforce

03:17of about 35 employees.

03:19The administrators are now supporting redundant employees with applications to the Redundancy

03:24Payments Service.

03:25So not great to finish on a sad note, but that's all from us today.

03:31To read more about these stories, please visit InsiderMedia.com, where you can subscribe

03:34to our magazine and find out about upcoming events.

03:41Insider Media

03:42www.insidermedia.com

Watch: Insider's Business Briefing - 16th January 2025

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