Hundreds of jobs are set to come to Hitachi's Newton Aycliffe factory, after HS2 Ltd confirmed that a joint venture between the manufacturer and Alstom will build the fastest trains ever produced in Britain.
The landmark contracts – worth about £2bn – will see Hitachi launch construction in Newton Aycliffe, alongside Alstom’s operations in Derby, with the deal set to support 2,500 jobs across the Ƶ.
The deal will see the JV design, build and maintain a fleet of 54 state-of-the-art high speed trains that will operate on HS2 - the new high-speed railway being built between London, the West Midlands and Crewe.
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The first train is expected to roll off the production line around 2027. Following a rigorous process of testing and commissioning, the first passengers are expected to be carried between 2029 and 2033.
A County Durham ‘slow fashion’ brand is aiming high after securing a five-figure investment.
Novo’s womenswear collection provides core wardrobe essentials and elevated basics to modern women, with its focus on timeless, interchangeable, made-to-last garments that can be worn for all occasions.
The Durham business has already recorded sales of more than £250,000 since its brand relaunch in autumn 2020 and is now aiming to increase that figure at least three-fold before the end of next year as it becomes established alongside the best-known names in the luxury fashion sector.
After working with regional fund management firm NEL Fund Managers to secure the £65,000 from the North East Small Loan Fund Supported by The European Regional Development Fund.
Gateshead motor dealer Vertu Motors has snapped up an East Midlands firm in a £9.2m deal.
The Team Valley firm, which now has a network of 156 sales outlets across the Ƶ under the Bristol Street Motors, Vertu Motors and Macklin Motors banners, has acquired the entire issued share capital of Farmer & Carlisle Holdings Limited.
The long-established business operates two Toyota franchise dealerships in Loughborough, where its head office is based, and Leicester.
Robert Forrester, CEO of Vertu Motors said: “We are delighted to announce the group’s expansion with the much sought-after Toyota franchise.
“The addition of more Toyota sales outlets to the group’s portfolio has long been a strategic objective of the group since we envisage the brand gaining market share in the medium-term and being well positioned to take advantage of opportunities as the wider automotive sector evolves.”
Esh Construction has announced a £26m housing project in Northumberland which marks the company’s largest ever housing contract.
The Durham company will start work on the residential scheme in the new year, delivering 185 new homes in Amble.
Working on behalf of Home Group, Esh will deliver 73 homes for affordable rent and shared ownership on a seven-hectare patch of land west of Gloster Meadows in the Northumberland town. A further 112 properties will be offered for outright sale by Home Group’s private sales arm, Persona Homes.
Hundreds of North East jobs are set to be created at Heather Mills’ plant-based business VBites following multimillion-pound investment from a German food giant.
Family-owned food conglomerate Pfeifer & Langen Industrie und Handels KG has snapped up a 25.1% minority stake in the business for an undisclosed sum, in moves which will see Ms Mills’ Peterlee site reopen and scale-up, following a pandemic pause.
Ms Mills said: “I’ve saved Peterlee - we’re now going to massively scale up and do some great things, which was the plan the whole time. We’re looking at 320 jobs in the next 18 months minimum.
“We are delighted to have found a partner that shares our values and ambition for the plant-based movement.
“Pfeifer & Langen specialise in the procurement and refinement of raw ingredients for their food businesses and understand the importance of controlling your own supply chain – especially with global ingredient shortages set to be a consistent challenge for the plant-based and food markets over the next 10 to 20 years.
“VBites’ output has doubled in the last 12 months and with that growth set to continue we are also very pleased to be working with a partner that specialises in large-scale food manufacturing.
Two North East retail giants have struck a partnership deal to create the ultimate shopping destination for customers.
Furniture retailer Barker and Stonehouse, based in Stockton, is opening its first store-within-a-store concept in Fenwick’s Newcastle flagship department store and the chain’s Bentalls store in Kingston.
The new Newcastle concept store will have 10,000 sqft of retail space, with the Bentalls store slightly smaller.
The move will see the Newcastle furniture floor completely reconfigured and realigned to house new trend-led room sets and visual displays.
Tyneside property firm LSL has announced that its joint venture Pivotal Growth has made its first acquisition.
The listed Newcastle estate agency business – owner of E.surv Chartered Surveyors, Your Move and Reeds Rains – established Pivotal Growth in April of this year, as a joint venture with Pollen Street Capital to “buy and build” a leading national mortgage broker.
It is planned that at least £200m will be made available by way of equity and debt to fund acquisitions.
Now the firm has announced that Pivotal Growth has snapped up Lifetime Finance Group Limited, a business which has been established for over 25 years and is one of the largest mortgage brokers in Scotland, with particular expertise in advising contractors and self-employed clients.
Pivotal Growth is currently discussing a significant number of other potential opportunities and expects to complete further transactions soon.
Gateshead-based Russell Telecom has been snapped up by leading business and cloud communications specialist Onecom.
The transaction brings Russell Telecom’s team and more than 1,500 customers into the Onecom Group.
Russell Telecom has been a leader in business telecoms for more than 35 years and is known for providing cutting-edge communications solutions and outstanding customer service.
.Martin Flick, Onecom Group CEO, said: “As we continue to grow, supported by LDC, we are delighted to welcome the Russell Telecom team and customers to Onecom.
“Our businesses are a perfect match and this transaction, our fourth in 2021, supports our strategy of acquiring strong businesses that share our culture, values and ethos and our commitment to providing exceptional products and solutions to Ƶ businesses of all sizes."
Tyneside smart and sustainable cities consultancy Urban Foresight is set to create new jobs after securing funding worth £400,000 to expand its team in Scotland.
The consultancy was first launched in Newcastle 10 years ago, to develops strategies and projects to transform local services, infrastructure and economies.
The company, which has 27 employees across offices in Newcastle and Dundee, has carried out a number of projects in the region having been appointed as Newcastle City Council’s Smart City Innovation Partner.
Now the firm, which has its head office in The Catalyst building at Newcastle Helix, is set to create 21 jobs at the Dundee office on the back of a £400,000 grant from Scottish Enterprise’s Green Jobs Fund, while planning to double the size of its Tyneside office, which currently has 16 people, in the next two years.
