Assura poised to endorse KKR's new £1.6bn acquisition offer amidst shareholder considerations
Healthcare property group Assura has received a non-binding proposal from KKR and Stonepeak Partners, offering 49.4p per share. This offer represents a premium of 31.9% on the closing share price of 37.4 pence on February 13, valuing Assura's share capital at approximately £1.6bn, as reported by City AM. Following this news, Assura's share price surged by 14.17%, reaching 46.5p per share. The board of Assura indicated that they are likely to recommend the offer to shareholders and will engage in discussions with KKR and Stonepeak. This marks the fifth offer made by KKR to Assura since last September. The most recent offer was in February, when it received an offer from KKR and USS Investment Management, which was rejected for being too low. Assura also announced today that it has turned down an offer from Primary Health Properties at 43p per share. AJ Bell analyst Russ Mould commented: "[The higher offer than in February] implies that KKR is prepared to do whatever it takes to secure the deal," and "The fact Assura's share price at 46.48p is trading below KKR's latest proposal implies the market doesn't believe Primary Health Properties is going to come back with a significantly better offer." He added: "It also suggests scepticism that the new KKR proposal is a done deal. The 31.9 per cent bid premium is significantly below the 47 per cent average for UK takeovers in 2024, meaning Assura's shareholders might feel they aren't being compensated adequately."
Government announces major social housing initiative to tackle housing crisis
The Government has announced plans to construct thousands of new homes in England, marking what is being hailed as the most significant increase in social and affordable housing for a generation. Chancellor Rachel Reeves has committed to a £2 billion grant fund that is poised to create up to 18,000 new homes across England, a move she believes will contribute toward "fixing the housing crisis." Described as a "down payment from the Treasury", this funding signals the onset of more substantial investments in social and affordable housing set to be unveiled later this year. With at least half of these 18,000 homes planned to be social housing, housing charities are pressing for the majority to be made available at social rent rates, especially with homelessness reaching unprecedented levels nationwide. This Tuesday's proclamation precedes the spring statement scheduled for the next day, where the Chancellor is anticipated to announce departmental budget slashes. This follows previously reported welfare cuts that have garnered criticism from Labour MPs, as well as speculations on a potential reduction in the digital services tax to avoid American tariffs. The initiative to escalate housebuilding aligns with the Government's ambitious target to erect 1.5 million new homes in the forthcoming five years. Last year, the New Economics Foundation advised that to meet the Government's housing target, 90,000 social homes would need to be constructed by as early as 2027/28, with an increase to 110,000 new social homes by the end of this parliament. This would contribute to a total of 365,000 social rent homes over the next five years. The Ministry of Housing, Communities and Local Government has confirmed that thousands of affordable homes will commence construction by March 2027 and reach completion by July 2029. Officials have highlighted that the funding will "unlock development and opportunity" on ready-to-build sites in key locations such as Manchester and Liverpool. During a visit to an affordable housing site in Stoke-On-Trent alongside Deputy Prime Minister Angela Rayner, the Chancellor unveiled the plans. Ms Reeves commented: "We are fixing the housing crisis in this country with biggest boost in social and affordable housebuilding in a generation." She further added: "Today's announcement will help drive growth through our Plan for Change by delivering up to 18,000 new homes, as well as jobs and opportunities, getting more money into working people's pockets." Ms Rayner, a member of the Cabinet, emphasised, "Everyone deserves to have a safe and secure roof over their heads and a place to call their own, but the reality is that far too many people have been frozen out of homeownership or denied the chance to rent a home they can afford thanks to the housing crisis we've inherited." She added, "This investment will help us to build thousands more affordable homes to buy and rent and get working people and families into secure homes and onto the housing ladder." Further strengthening her point, she noted, "This is just the latest step forward in delivering our Plan for Change mission to build 1.5 million homes, and the biggest increase in social and affordable housing in a generation." A stark statistic shows that in 2024, England registered the highest number on record in a decade with 1,330,611 households on local authority waiting lists for social housing. Not since 2014 has this figure been so close to the peak when it stood at 1,370,410. However, the Government warns that such figures may exaggerate the current demand for social housing. Reasons include households being tallied on multiple council lists and inconsistent timing of register updates, which means the actual number in need at any one time might be less. Last month's statistics reveal another concerning trend, where both the overall count of households in temporary accommodation and the specific count of children in these conditions reached unprecedented highs. The number of children living in temporary housing has surged to 164,040 as of the end of September, marking a 15% increase from last year and hitting the highest level since recordings began in 2004. In parallel, households residing in temporary accommodation reached an all-time high of 126,040 – up by 16% over the same period. Crisis CEO Matt Downie responded positively to Tuesday's government announcement, which he hopes "signals the beginning of a social housebuilding programme that will radically shift this country's response to homelessness, putting housing at the heart of the solution". He emphasised the importance for the government to "ensure that the vast majority of the initial 18,000 homes are for social rent so that people facing homelessness can access them". Shelter also welcomed the move as a "positive step" but stressed that it's "vital that the majority of this funding is directed towards social rent housing, not expensive alternatives that won't help struggling families". Polly Neate, Shelter's Chief Executive, reiterated their appeal for a commitment to construct 90,000 social homes annually, stating that this pledge should come during the June Spending Review. She conveyed: "This is the Government's moment to prove it is serious about tackling the housing emergency. Without a major funding commitment to 90,000 social homes a year for ten years, homelessness will keep spiralling, and millions will remain trapped in unstable, overpriced housing." However, Kevin Hollinrake, the Conservative shadow housing secretary, stated that without reducing the number of people crossing the Channel in small boats, it was "simply no way for the Government to stop every single home built with this funding from simply coping with the population growth from illegal migrants, many of who might not even have left Calais yet". He further added: "Only the Conservatives under new leadership will take action to stop illegal crossings and prevent millions from gaining access to social housing." It's worth noting that individuals residing in the UK illegally are ineligible to apply for social housing. Those granted asylum can apply, but their lack of a "local connection" often results in them having less chance of securing a social home than longstanding UK residents, according to the Chartered Institute for Housing. In other news, Ms Reeves stated she does not "recognise" reports suggesting ministers may means-test free school meals as part of the cost-cutting drive across Government and insisted the digital services tax was "hugely important". Ahead of the spring statement, the Prime Minister told BBC Radio 5 Live on Tuesday that he wanted to "take some money out of Government" and was looking "across the board" at where to make spending cuts. Sir Keir maintained that the Government had made "record investments" at last October's budget and that the statement would not "alter the basics" of public spending. The Chancellor and his counterpart are grappling with a challenging fiscal situation, as Ms Reeves has consistently stated her unwillingness to deviate from her fiscal rules that prohibit borrowing for day-to-day expenditure. This has resulted in increasing pressure on how to balance the budget – through tax hikes or spending cuts – amidst disappointing growth figures and higher-than-anticipated borrowing.
North East Business Awards launches in 25th anniversary year
The North East Business Awards are returning to celebrate the best of the region’s business community. This year’s event marks the 25th anniversary of the awards being held to celebrate businesses in the whole of the North East. The awards celebrate exceptional businesses, individuals and teams who have set new standards of innovation, entrepreneurship and creativity. Winners in 10 categories will be selected in three parts of the North East – Northumberland and Tyneside; Durham, Sunderland and South Tyneside; and Teesside – before they are announced later this year on our websites ChronicleLive, TeessideLive and BusinessLive and in the pages of The Journal and the Gazette. The area winners for each category will then compete for the overall prize, with the grand final taking place at Hardwick Hall Hotel in Sedgefield on September 25. Last year the prestigious North East Business of the Year Award was won by North Tyneside robotics firm Wootzano. The company was praised for its cutting-edge technology and global ambitions, with its world leading expertise in its field helping it to win multi-million pound orders from around the world. Other winners on the night included Fairgrieve Compression Moulding, Noggin HQ and Big Bite. Tyneside software giant Sage is returning as headline partner, with Newcastle University signing up as the associate partner, and Made Smarter as a category partner. Journal editor Graeme Whitfield said: “The Business Awards have been a fixture on the regional business calendar now for 25 years. There is no better event for celebrating the best of our region’s brilliant companies. “I know from going to the awards over many years that winning – or even just taking part – can mean so much to boosting staff morale and raising businesses’ profile. I hope as many companies as possible enter the awards so we can really highlight our great companies to the widest possible audience. “It’s great to have Sage and Newcastle University back again as major supporters of the awards. Sage is a company born and bred in the North East, and this will be the fifth consecutive year that they have headline partnered with the awards. We're delighted to have their continued support.” Nikola McNicol-Kenney, VP for small segment at Sage in UK and Ireland, said: "With our global headquarters rooted in the North East, we are proud to once again be the headline sponsor of the North East Business Awards for the fifth consecutive year. This event is a testament to the region’s thriving innovation, exceptional talent, and outstanding business community, and we are committed to celebrating and supporting their continued success." Estelle Blanks, director of business development and enterprise and deputy director of research and innovation at Newcastle University, said: “Newcastle University is delighted to sponsor the NE Business Awards as an Associate Partner. Inclusive innovation is a key driver for economic growth. As a civic university, we play a key role in convening the local innovation ecosystem. “Our aim is simple: collaboration for innovation. By working together across industry, entrepreneurs, communities, and government, we can build on the opportunities for economic growth. For NEBA’s 25th anniversary, we are joining the region’s incredible businesses and entrepreneurial talent and look forward to showcasing our innovative spin-outs and start-up companies.” The awards are now open to entries and more details can be found at nebusinessawards.co.uk.
London's luxury real estate resilient amid non-dom reforms and global economic shifts
A leading luxury estate agency has reported that the super-prime London property market has performed better than anticipated, despite the government's non-dom reforms. It suggests that the market could benefit from Britain's "boring but solid" political climate amidst global instability, as reported by City AM. In a discussion with City AM, the co-founders of Christie's International Real Estate (CIRE) dismissed concerns that abolishing the old tax regime might negatively impact the London market. They noted a noticeable increase in high-value property purchases in the capital. Mike Golden, co-chief executive of CIRE, stated: "While I don't think that changing the non-dom rules was positive, the reality is that almost the opposite has happened." He added: "The luxury market [in the UK] has been very very strong. The market for the super prime – the more than £10m properties in London – is flourishing." Last October, in her first Budget, the Chancellor decided to scrap the centuries-old generous tax status given to wealthy foreigners, known as the non-domicile (or 'non-dom') regime. She argued at the time that individuals who "make Britain their home, should pay [their] taxes here." This decision led to a wave of warnings from the UK's top estate agencies that demand for London property would suffer due to being located in a less competitive tax jurisdiction. Golden and his business partner Thad Wong have dismissed rumours, highlighting that the number of high-value property deals in the last quarter of the previous year—coinciding with the announcement of reforms—was twice that of the same period in 2023. "The London market was a little suppressed, but I think that's coming back," Golden commented. "London is London, and 2023 and 2024 weren't the best years in the real estate world in general, But the good news is that the UK luxury market has been a little more resilient." CIRE, currently listing a Beverly Hills City mansion for $75m (£58m), has emerged as a top contender in the luxury real estate sector, competing closely with Sotheby's International Realty. Since acquiring licensing rights in 2021, Golden and Wong have rapidly expanded CIRE through strategic licensing agreements and entering new markets. The firm notably facilitated one of 2024's priciest transactions—a $152m (£117m) island in Palm Beach—and managed the sale of Bridehead Estate in Dorset for around £30m. The super-prime segment of London's property market has remained relatively robust compared to other regions, with ultra-high-net-worth individuals (UHNWIs) less affected by rising interest rates and economic uncertainties. Concerns have been raised by industry figures that the recent downturn in US stocks and unpredictable tariff policies from the White House might negatively impact the high-end US real estate market, which has enjoyed a prolonged period of growth. "When you see a jittery stock market, that invokes fear... and fear spreads a lot more than positivity," Wong commented to City AM. The Ripley Castle estate in North Yorkshire is currently listed for sale at £21m (image courtesy of CIRE). Golden highlighted the UK's emerging image as a "steady Eddie" economy, which could appeal to international buyers looking at super-prime properties, despite higher taxes than other developed nations such as Italy, Portugal, or Switzerland. "It wouldn't surprise me at all to see more people continuing to buy in the UK, seeing it as 'boring but solid'," he remarked. A resurgence of international interest in the super-prime segment would signal the end of a nine-year decline in luxury London property. The capital, once a hotspot for high-value homes since the millennium, has found it challenging to overcome the lingering impacts of Brexit and the pandemic.
Assura poised to endorse KKR's new £1.6bn acquisition offer amidst shareholder considerations
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North East Business Awards launches in 25th anniversary year
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NEW Manchester United boss Ruben Amorim has become the fourth highest paid manager in the Premier League.The Red Devils confirmed today that the 39-year-old will take over from Erik ten Hag from November 11. NEW Manchester United boss Ruben Amorim has become the fourth highest paid manager in the Premier League. The Red Devils confirmed today that the 39-year-old will take over from Erik ten Hag from November 11. Man Utd have triggered the £8.3million release clause in his Sporting Lisbon contract and paid an extra £900,000 to stop a 30-day period where he would have to be unemployed. Amorim has penned a deal at Old Trafford that runs until 2027 and contains an option for a further year. The boss is reportedly set to pocket £6.5m per season at Man Utd. That is slightly less than Ten Hag, who was earning £6.75m-a-year. The Dutchman was on £9m when he first joined, but Man Utd failed to qualify for the Champions League last season and it supposedly triggered a pay cut. Manchester City's Pep Guardiola tops the of highest paid Prem boss charts, with the six-time title winner on £20m each year. Arsenal manager Mikel Arteta takes home £10m and Aston Villa gaffer Unai Emery is third on £8m. Amorim's £6.5m contract sees him go narrowly above Liverpool's Arne Slot on the richlist. Bournemouth boss Andoni Iraola is the lowest paid in the Prem, getting £1m in his pocket every season. The salaries of Brighton's Fabian Hurzeler, Leicester's Steve Cooper and Southampton's Russell Martin are currently unknown.
Aptamer Group doubles half-year revenue as firm sees 'strong and sustainable' commercial momentum
Directors at Yorkshire life sciences company Aptamer Group said the business is now starting to deliver “strong and sustainable commercial momentum” in its half year results. The York group, launched on AIM four years ago to capitalise on the potential of its optimer binder technology, has issued interim results for the last six months of 2024 showing revenues more than doubled from £300,000 to £700,000, while it also narrowed its operating loss from £1.87m to £1.18m. During the period it carried out a successful fundraising of £2.6m, and it also completed a further reduction of its fixed cost base to around £3m a year. It also highlighted a strong sales pipeline valued at £5.1m, with £3.2m of that sum in advanced negotiations, on the back of it signing new contracts with global pharma firms, including the likes of Unilever. At the period end, Aptamer had cash reserves of £2m, up from £1.8m, which it said it supporting the group’s ability to execute its strategic plans. Highlights included the extension of its contract with Unilever to enable testing of deodorant optimers in on-person trials, and it also struck an agreement with AstraZeneca in July. Meanwhile, working with Neuro-Bio, Aptamer has developed optimer binders to a novel Alzheimer’s disease biomarker, to enable a diagnostic test for early-stage Alzheimer’s disease. Dr Arron Tolley, CEO of Aptamer Group, said: “I am pleased to report significant milestones across each of the Group’s asset development programmes. This includes the initiation of human skin trials with Unilever for our optimer deodorant additives. We have also validated our binders for Alzheimer’s disease diagnostics with clinical samples with solid results. "The Group’s internal focus on drug delivery is moving forward at pace with success in lab-based tests for our fibrotic liver delivery vehicle with AstraZeneca and other internal validation work using the same delivery vehicle, such as reversal of fibrosis markers using a different siRNA. These advancements reinforce the power of Aptamer’s platform and the Group’s ability to deliver commercially valuable molecules across a range of different areas. “Our fee-for-service pipeline has delivered success across multiple customer projects, creating additional valuable assets within the enzyme modulating reagent sector, where licensing discussions are currently under way. Furthermore, a second validated therapeutic delivery vehicle is now in the final stage of commercial development. "These assets will add to Aptamer’s current portfolio, supporting downstream revenues and further demonstrating the strength of the group’s discovery platforms. We are focusing on the commercial exploitation of numerous assets from a licensing perspective, which exemplifies the potential value of the group’s platform and its progression towards generating passive income streams.
The rule that could let Ronaldo participate in the 2025 FIFA Club World Cup
The competition will not have Al-Nassr but it is not over for Cristiano Ronaldo and his chance to participate.Cristiano Ronaldo’scontract withAl Nassris set to expire in June 2025, just before the 2025FIFA Club World Cup kicks off. This timing opens up an intriguing possibility for the football legend to participate in the prestigious tournament through a loan arrangement. The competition will not have Al-Nassr but it is not over for Cristiano Ronaldo and his chance to participate. Cristiano Ronaldo’scontract withAl Nassris set to expire in June 2025, just before the 2025FIFA Club World Cup kicks off. This timing opens up an intriguing possibility for the football legend to participate in the prestigious tournament through a loan arrangement. FIFA has introduced interim transfer rules specifically for the 2025 Club World Cup, allowing players whosecontracts end on June 30, 2025, to sign early as free agents with one of the32 qualified teams. This rule is designed to ensure that top talent can compete in the tournament, enhancing its appeal and competitiveness. Would Cristiano leave Al-Nassr to play at the FIFA World Club Cup? Ronaldo, who has been a key player for Al Nassr, could leverage this rule to join a team on loan for the duration of the Club World Cup. The though if him joining a team after the tournament and not going back to Al-Nassr seem a bit far fetch. The Portuguese star could join ex-teams likeReal Madrid or Juventus on loan, it would be a reunion on the same stage withLionel Messias well. Who will be participating with Inter Miami. Whether he decides to extend his stay with Al Nassr or explore new opportunities, the interim transfer rule ensures that Ronaldo’s participation in the 2025 FIFA Club World Cup remains a tantalizing possibility.
Yorkshire's nutritious grass goes global as Burgess Pet Care exports to four continents
Rabbits around the world are feasting on Yorkshire hay provided by an historic independent family business which is boosting its international profile. Burgess Pet Care, which is based at Thornton le Dale in North Yorkshire and has operations at Pollington in East Yorkshire, has secured a global listing with German distribution platform Zooplus. The move means the pet food manufacturer has boosted its European profile, adding to thousands of small animals it feeds with its Excel brand made from Yorkshire cut and dried hay. Annabel Coleman, Excel brand manager at Burgess Pet Care, said: "Yorkshire is known for its rolling countryside, typified by healthy green fields stretching towards big blue skies as far as the eye can see. It is a vision that embodies goodness and nutrition which is driving our international growth. It’s a great testament to our incredible farmers we work with that we are seeing so much demand for these products, and we’re delighted to offer owners in both the UK and around the world the chance to provide their small animals with a diet rich in the finest Yorkshire hay. "To respond to demand, we are currently developing larger pack size options and tasty herb additions to add to our hay ranges, UK and International, in response to the increased demand.” Rabbits and guinea pigs need to eat their own body size in hay daily as part of a recommended diet, and Burgess’ supplies its hay range sourced from specialist local farmers across four continents. The business started as a family milling operation in the 17th century before moving in to pet food production, with 60 years now in the market. It has long-standing links with the veterinary community and animal welfare charities including the RSPCA and Blue Cross, and is the driving force behind national campaigns such as both Rabbit and Guinea Pig Awareness Week, which seek to improve the health and welfare of these special animals – often through increased consumption of hay.
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