Business News Round Up (16/07/2024)
North West administrations fall, but remain highest outside London
The number of companies in the North West filing for administration during the first half of 2024 has dropped by 3.8%. The latest figures from Interpath Advisory show that business services, retail, logistics and construction stood out as hotspots for distress in the region. Analysis of notices by Interpath shows there were 125 administrations across the North West in the first six months of 2024, a small drop against last year’s figures (H1 2023: 130). However, the region remained most prominent for administrations outside London, accounting for nearly a fifth of all cases in the UK (18.9%). The most impacted sectors in the North West were business services with 18 cases, retail and building and construction both with 15 cases, industrial manufacturing with 13 cases, and logistics with eight cases. Nationally, there were 661 administrations in H1 2024, representing a marginal rise on H1 2023 (657 cases).
Scottish hospitality businesses adapting so they can rise to market challenges, say industry leaders
Scotland’s hospitality businesses are finding new ways to adapt to challenging market conditions as they look to appeal to visitors throughout 2024 and beyond. From wine safaris, where guests explore Scotland’s countryside, to developing wedding venues and corporate event spaces, Scotland’s hospitality businesses are expanding their range of services to draw in visitors. The past few years have presented a challenging time for many businesses across Scotland, with the hospitality and tourism sector feeling the hit. Rising costs, staffing issues, and reduced footfall due to the cost-of-living crisis have all put a strain on an industry that is vital to the Scottish economy, with 15,830 registered tourism businesses providing 175,900 jobs across the country according to the Scottish Tourism Alliance. Figures from the Great Britain Tourism Survey 2023 show almost a 7% fall in domestic holidays across Scotland in 2023 compared to the previous year.
UK business travel salaries rise despite fall in recruitment
Salaries in the UK business travel sector rose by 12.5% in the first half of 2024, despite a “considerable slowing” in the number of placements so far this year. Figures from C&M Travel Recruitment show that the average salary for a corporate travel role rose to £36,046 in the UK, which is on top of a rise of 9.2% a year ago. This increase in salary comes despite a 61% fall in the number of people being placed in new positions within business travel. The increase in salary in the corporate sector is in line with the whole UK travel industry, which saw a 12.9% year-on-year rise to reach an average of £37,747 for the first six months of 2024. C&M noted that while salaries are rising, the industry is now seeing a more “complex picture” for recruitment with overall activity dipping year-on-year.
Atom Valley science and manufacturing hub plans revealed
Backers of the massive “Atom Valley” tech zone in Greater Manchester say plans for an advanced sustainable materials and manufacturing hub marks a major milestone for the project. Atom Valley, which includes significant parts of Bury, Oldham and Rochdale, is one of six key growth locations in Greater Manchester. Metro mayor Andy Burnham and local government leaders hope to create a world-class advanced materials and manufacturing cluster in the region, which they hope could host 20,000 new highly skilled roles within the technology and manufacturing sectors. Now plans have been revealed for the Sustainable Materials and Manufacturing Centre (SMMC) proposal at Kingsway Business Park, next to the Metrolink stop. Joint applicants Wilson Bowden Developments, Rochdale Development Agency, Rochdale Borough Council and Homes England say the scheme will include laboratory space, workshops, design studios, a lecture theatre, office space and a cafe.
https://www.business-live.co.uk/commercial-property/atom-valley-science-manufacturing-hub-29543738