£300m to be lent to region’s firms
5 things we learned yesterday
1
Banking giant HSBC says it has £300m to lend to small businesses in the North East and Cumbria after launching a £10bn SME fund.
The bank is also offering up to 18 months of free banking for start-ups and quicker credit checks as it tries to attract new business customers.
HSBC says it wants to help British businesses realise their ambitions for growth and said that it approved 91% of small business lending applications in the last year.
The bank is also offering support to businesses that want to export for the first time and says the 21% of small businesses that currently trade overseas can be greatly increased.
2
A major roofing company that employs more than 200 people in County Durham has had a record-breaking year after boosting revenue by £16.5m.
CA Group, which specialises in metal roofing and cladding systems, saw its turnover soar by 27% for the year to September 30, 2016, from £59.7m to £76.2m.
According to managing director Des Webster, the company boosted sales through targeting the logistics sector. Mr Webster said: “Our record turnover this financial year is testament to the dedication and hard work of our employees combined with a buoyant logistics sector driving an increased demand for warehouse facilities for clients including Amazon, Hermes and Lidl.”
CA Group has also carried out work for client such as Marks & Spencer, Sainsburys, Tesco and Jaguar Land Rover. It services all of its customers from an 11-acre site in Evenwood, County Durham.
3
Amazon is to acquire supermarket chain Whole Foods in an all-cash deal worth $13.7bn (£10.7bn), in the internet giant’s biggest foray into the grocery sector to date.
The companies announced yesterday that Amazon will buy Whole Foods for $42 per share, but will continue to operate stores under the Whole Foods brand.
Whole Foods currently has 460 stores across the US, Canada and the UK, with nine of them in Britain.
4
A bid to sell Newcastle to property investors from around the world will be repeated next year. For the last two years a partnership of public and private bodies in the city has taken a stand at Mipim, the world’s largest property expo, which takes place at Cannes in the South of France.
Inward investment body Invest Newcastle have confirmed it will be taking a stand at Mipim in 2018 and launched its involvement with an event attended by many of the partner organisations. Companies involved in the event include Ryder, Hanro, Port of Tyne and Cundall.
Mipim is a long-established property show, with last year’s event attended by 24,000 delegates from 100 countries, including 5,000 investors and financial institutions.
5
Tesco has reported rising first-quarter sales as the supermarket said it was reaping the rewards of offering customers lower prices in the face of rising inflation.
UK like-for-like sales in the first quarter of the year rose 2.3%, driven by a 2.7% comparable sales growth in food.
The figures represent the sixth consecutive quarter of positive sales momentum and come after boss Dave Lewis hailed the grocery giant’s first full year of sales growth in seven years in May.