While Covid-19 - and the business community’s response to it - dominated the North East agenda, 2021 proved to be a very busy time for business news in the region.
We’ve put together this list of the Top 10 most read stories from across the North East over the last year.
Mike Ashley’s retail group swoops for flagship North fashion retailer
The year got off to a flying start when Mike Ashley’s retail empire Frasers Group swooped for prime fashion retailer Psyche, based in Middlesbrough.
The then Newcastle United owner and serial entrepreneur snapped up the designer clothes firm Psyche in an undisclosed deal, several years after its owner initially turned down a buyout offer.
Psyche owner Steve Cochrane, who has owned the company for 38 years, remained with the company following the deal, saying it secured the future of the bricks and mortar store, the online operation and its 58 employees.
Later in the year it was confirmed that Psyche would undergo a rebrand, taking up the name of Frasers’ luxury fashion firm Flannels.
Dragons’ Den success smashes crowdfund target before launch to public
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Sean Ali and Charlotte Bailey appeared on the last series of Dragons’ Den and negotiated a joint deal with Tej Lalvani and Peter Jones for a £50,000 investment in return for 6% equity of their superfood powders firm SuperU.
Following the show revealed that they mutually walked away from the deal and instead, the former Nottingham Trent University graduates, who live in South Shields, South Tyneside, launched a Seedrs crowdfunding campaign to raise £550,000 for 10% equity - and they smashed their target to raise more than £1m from almost 500 investors.
Since then, the founders have unveiled a new name for the company - Rheal - as part of their move into the US market.
Newcastle developer High Street Group set to apply to go into administration
The developer responsible for Newcastle’s tallest building - Hadrian’s Tower - applied to go into administration after a series of reversals and criticism from investors, customers and contractors.
High Street Group, which was also developing land next to St James’ Park and on the Gateshead riverside, went to court in December to put its parent company into administration.
Over the last two years, the company has twice seen its auditors resign while its accounts are significantly overdue and a number of its subsidiaries are facing being struck off.
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Administrators were appointed in December and pledged to investigate the events which led to the firm’s collapse. Its debts could be anywhere from £75m to £212m.
Metrocentre announces trio of major deals amid changing retail landscape
As the High Street battled through the pandemic, letting deals proved to be popular reading throughout the year.
In July, the Metrocentre signalled its future lies away from ‘anchor’ department stores after signing long leases with three major retailers.
Harrods H beauty, JD Sports and H&M all signed new long leases for flagship stores which will open at the Gateshead centre between April and June this year.
海角视频 London department store Harrods announced plans to open three new openings of its standalone H beauty stores as part of a national rollout of the brand, including its largest store to date at the Metrocentre.
H beauty shops have ‘playtables’ where customers can use products, alongside skincare stations, fast blow dry stations and champagne bars. The 30,000 sqft store in Gateshead has been signed on a 20-year lease fronting Town Square, incorporating brands such as Gucci, Dolce and Gabbana and Hourglass.
JD Sports took a 10-year lease on a 28,000 sq ft flagship store in Platinum Mall, upsizing from its existing 10,000 sq ft store in Upper Red Mall, and H&M expanded its existing store in Red Mall into a new 25,000 sq ft flagship which will incorporate its new Home concept.
Logistics firm funds own HGV driver apprenticeship scheme to overcome delays
Between the loss of European drivers through Brexit, postponed Heavy Goods Vehicle (HGV) testing and changes to regulations, it was estimated there was a shortage of 100,000 drivers in the 海角视频 from the summer months onwards, up from 60,000 prior to the pandemic.
That led to many firms taking action.
Moody Logistics and Storage took the decision to organise and fund the company’s own driver scheme after being advised that reviews under way as part of the Government’s 2021 Apprenticeship Reform Programme were causing hold ups.
Caroline Moody, managing director of Cramlington based Moody Logistics and Storage, said the firm had already recruited driver apprentices who had begun their Driver Level 2 training with Tyneside Training Services, adding: “As a logistics business, we can’t afford any delays in training the next generation of HGV drivers, so we took matters into our own hands.”
The plans for all eight freeports announced in Rishi Sunak’s Spring Budget
At the start of March, Chancellor Rishi Sunak announced the location of eight regional freeports in the Spring Budget after a bidding process that began at the start of 2021.
He confirmed that Freeports will be located at East Midlands Airport, Felixstowe and Harwich, the Humber region, the Liverpool City Region, Plymouth, Solent, Thames and Teesside.
Teesport operator PD Ports said freeport status would enable the Tees Valley to capitalise on its strengths as a leading chemicals and manufacturing centre.
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Annual Top 200 list reveals the North East’s largest companies
No list of the North East’s Most Read stories would be complete without the popular annual publication of the Top 200.
With companies having been given extra time to file their accounts, a decision was taken to delay publication of the list to ensure it is the most accurate representation possible of the region’s business community.
The eventual list of the region’s largest companies by turnover - compiled in conjunction with accountancy firm PwC - featured Nissan at the top once more, but overall was hugely affected by the Covid-19 response, with the table reflecting the turmoil in the regional and national economy.
Newcastle hot tub success Wave Direct targets export growth
The inflatable hot tub company announced plans to make waves overseas as it targeted new markets in Europe and the Middle East in February.
Wave Direct was launched in 2019 as an online venture for Dan Luper and Tom Jeffrey, selling a range of inflatable hot tubs as well as sports and leisure kit.
It was originally a sideline business for the pair, but rocketing demand for hot tubs to enjoy in lockdown took it from first year turnover of £300,000 to sales of £4m in one month alone in 2020.
The firm has expanded its partnership with e-commerce platform Aero, to help establish a presence in Europe and the United Arab Emirates for its inflatable Wave spas, hot tubs and sports equipment including kayaks.
Parkdean Resorts owner Onex Corporation mulls potential sale, reports claim
In October it was reported that North East holiday park operator Parkdean Resorts could be sold by its Canadian owners amid the bouyant 海角视频 staycations market.
Onex Corporation, which acquired the Gosforth company in a £1.35bn deal at the end of 2016, was said to be mulling a sale to cash in on the booming 海角视频 holidays sector.
Parkdean Resorts - which was formed by the merger between Parkdean Holidays and Park Resorts in 2015 - has 67 parks across the 海角视频, making it one of the biggest players in the market.
The company was said to be close to instructing bankers to prepare a sale of the company - but no deal has come to fruition, as yet.
HMRC to move to Newcastle city centre in biggest ever letting
Thousands of Government workers with the HMRC will move into the heart of Newcastle in the city’s biggest ever office letting, which was announced in November.
Around 9,000 workers will set up a new base in Pilgrim’s Quarter - the revised plans for the former Odeon Cinema site which propose a huge nine-storey office, creating a new 463,000 sqft regional centre for HMRC.
HMRC will occupy the whole of the development, which is expected to open in 2027, having confirmed plans to quit its Benton Park View site earlier this year, triggering the search for a site large enough for its 6,500 employees.
Longbenton has been the base for the ‘Ministry’ since the late 1940s and thousands of people in the region have worked at its agencies over the last nine decades.
The base - where the lease is expected to expire from 2024 – currently houses a number of agencies including The Pension, Disability and Carers’ Service, Jobcentre Plus and The Health and Safety Executive.
HMRC had been looking for a Newcastle city centre office and two sites were being considered which it said would “support the Government’s green agenda” through sustainable office space and improved public transport links.