The North East region has witnessed a significant array of deals this week, with notable activities spanning contracts, investments, and acquisitions. Companies like Cundall, Kitwave, and Virgin Money have been at the forefront of these developments, marking a dynamic period for the business landscape in the area.
This article delves into some of the most critical transactions, exploring the strategic moves and implications for the companies involved. From new headquarters to major takeovers, here’s a comprehensive look at the business deals shaping the North East.
Design and engineering multinational Cundall has committed to a new office space at Newcastle’s flagship Bank House. Previously based at Regent Centre in Gosforth, Cundall has moved its headquarters to the Pilgrim Street property, bringing 150 staff to its tenth floor.
Involved in the creation of the 207-foot high office scheme, Cundall has seen the building reach 60% occupancy since its launch last summer. The firm joins other key tenants such as Barclays, Oliver Wyman, and DAC Beachcroft.
Creed Catering Supplies, a family-owned food wholesaler, serves the leisure, hospitality, education, and care sectors. Last year, Creed reported revenues of £124.2m and an operating profit of £7.8m. This acquisition aims to enhance Kitwave’s national delivery network and revenue stream.
Ben Maxted, CEO of Kitwave, stated, “Strategically, Creed will significantly expand our geographical presence, bridging our operations in the North and South.”
Nationwide Building Society is on the verge of finalising a £2.9bn takeover of Virgin Money. The deal received a green light following approval from a judge at the specialist companies court in London.
Legal proceedings saw Judge Sir Anthony Mann express satisfaction with the compliance of all legal requirements. He stated, “It’s obviously a sensible scheme with financial benefits. There is no apparent blot on this scheme.” This acquisition is expected to become effective on October 1.
These key deals reflect a dynamic and evolving market, positioning the North East as a pivotal region for business activities and economic growth.
The recent business deals in the North East highlight the region’s vibrant and expanding market. Companies are making strategic moves to enhance their operations and market reach.
As these transactions come to fruition, the North East is set to see continued economic growth and increased business activities, further solidifying its importance in the UK’s business landscape.
