Pension funds commit billions to private UK assets in industry-backed push

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Seventeen major UK pension schemes and providers have pledged to allocate at least 10% of their defined contribution (DC) default funds to private markets by 2030, half of which will be earmarked for investments in UK-based assets. This initiative, the Mansion House Accord, is a collaboration between the Pensions and Lifetime Savings Association (PLSA), the Association of British Insurers (ABI), and the City of London Corporation.

The move is expected to mobilise over £50 billion in capital across the next five years, with £25 billion directly targeted at UK investments. This represents a significant potential capital boost for British businesses, particularly those seeking venture capital or growth equity.

The agreement follows an earlier 2024 pledge, the Mansion House Compact, which revealed UK pension funds held just £800 million in unlisted equity, equating to around 0.36% of their total DC default fund holdings. The new targets aim to substantially improve that figure and bring the UK more in line with international peers regarding private market exposure.

The British Private Equity and Venture Capital Association (BVCA) is using this momentum to lobby for greater inclusion of venture capital in pension fund portfolios, positioning the asset class as capable of delivering strong long-term returns. The group emphasises that much of the benefit from UK innovation is currently being captured by overseas investors and calls for domestic funds to take a more active role in supporting UK growth sectors, including life sciences, AI, and net-zero technologies.

The government has also signalled continued support for reforming pension regulations to help unlock greater capital flows into British scale-ups.

Marston’s begins £5.4m solar rollout across pub estate

Marston’s has begun installing solar panels at 120 of its UK pubs as part of a £5.4 million renewable energy programme to cut operational costs and carbon emissions.

Two Blues Solar is leading the year-long rollout, with Nuvolt handling installation and technical execution. Atrato Onsite Energy is financing the entire initiative, which will retain ownership of the systems and manage performance over a 25-year contract period.

The energy solution is structured as a Power Purchase Agreement (PPA), allowing Marston’s to buy all on-site generated electricity without owning the solar assets. This setup eliminates upfront costs and gives the business long-term energy price certainty, shielding it from market volatility.

Each site is expected to produce roughly 30,000 kWh of electricity annually, meeting around 15–20% of a typical pub’s energy needs. The project will reduce carbon emissions by 600 tonnes in its first year, aligning with Marston’s Net Zero goals for 2040.

The agreement is among the first large-scale PPAs in the UK pub sector. It offers a blueprint for other multi-site operators looking to decentralise energy procurement while accelerating sustainability targets.

£5m award to help commercialise Lincoln-led agri-tech research

A new partnership led by the University of Lincoln, to develop a globally recognised agri-tech innovation cluster in the East of England, has received a major national funding award from Research England to advance commercialisation of research through new spin-out companies.

Agri-tech Commercialisation Ecosystems (ACE), a partnership project from the universities of Lincoln, Cambridge and East Anglia, has been awarded £5 million by the UKRI-Research England CCF-RED Fund. This will enable the creation of a national agri-tech ‘Technology Transfer Office’ and the new company Ceres Agri-Tech Ltd that will support the commercialisation of early-stage agricultural innovations. Ceres Agri-Tech is a collaborative initiative founded by and located at Cambridge Enterprise, the innovation arm of the University of Cambridge. The project targets key regional challenges, including low wages, workforce skills gaps, and climate resilience by supporting high-quality, inclusive employment and environmentally focused agri-tech innovation. Professor Simon Pearson, founding director of the Lincoln Institute for Agri-Food Technology (LIAT) at the University of Lincoln, said: “We are thrilled that the ACE project has received a vital £5 million award from Research England, which will enable incredible growth within agri-tech and the creation of many new ‘spin-out’ businesses over the next decade and beyond. “Within the next 10 years, ACE aims to fund 95 research projects, create over 1,300 new jobs within the sector and bring a projected £506 million into the UK economy. “In a world where geopolitical instability, climate change and resource scarcity seem to be threatening food security, we now have a great opportunity to create an innovation cluster for the UK that will deliver positive economic, societal and environmental impacts for many years to come.” The ACE project will harness the agricultural and research strengths of Greater Lincolnshire, East Anglia, and Cambridgeshire, turning them into a globally competitive innovation cluster. The region’s dense concentration of crop production, agri-tech infrastructure, and civic support creates a unique platform for high-impact investment and sustainable food system development.

Shoosmiths exits Nottingham office in shift to flexible work hubs

UK law firm Shoosmiths is shutting down its Nottingham office and transitioning the team to a flexible workspace model, as part of a broader rethink of its national office footprint.

The move is aligned with the firm’s 2030 strategy, which emphasises a hybrid work structure. Shoosmiths is phasing out underutilised offices in favour of three types of space: core offices in key cities, flexible hubs, and community spaces. The Nottingham office, currently based at Waterfront House, will be replaced with a flexible workspace later this summer.

Shoosmiths’ central offices will remain in London, Manchester, Birmingham, Leeds, and Edinburgh. Community-style locations will initially launch in Milton Keynes and Nottingham, offering a more adaptable setting to support client engagement and staff flexibility.

Long-term changes in employee work habits and client interaction preferences drive the strategy. Shoosmiths expects the shift to generate £2 million in annual savings by streamlining its real estate commitments.

The Nottingham office had been home to departments covering real estate, corporate, business advisory, and personal legal services. The new model is intended to maintain this capability while reducing physical infrastructure and operational overhead.

Church purchase ends retail chapter for Derby city landmark

A historic retail building in Derby city centre has been sold for the first time since its construction, marking a notable shift in its future use. The former Central Co-op department store at the junction of East Street and Exchange Street, most recently occupied by furniture retailer Lee Longlands, has been acquired by RCCG Solid Rock Church.

The church, currently based on Woods Lane, will relocate its operations to the city-centre site. This acquisition follows the recent closure of Lee Longlands, ending the building’s longstanding role in retail.

Property agency Rigby & Co facilitated the commercial transaction on behalf of Central Co-op. The building occupies a strategic position between Derbion shopping centre and the soon-to-reopen Victorian Market Hall, both key elements in Derby’s urban regeneration efforts.

Market Harborough Building Society donates £60,000 to new community hub

Leicester South Foodbank (LSFB) has launched the Bell Street Community Hub this week, a space designed to enhance well-being and purpose within the local community. Market Harborough Building Society donated £60,000 to help Leicester South Foodbank implement this new hub. This project responds directly to the expressed needs of residents for face-to-face interactions and accessible local services, which aligns with the Society’s commitment to supporting their local community. Bell Street will serve as a vibrant ‘community expo’, showcasing diverse interventions and services from multiple organisations. This approach allows residents to explore and connect with various resources all in one place, tailored to the evolving needs of the community. The Society worked together with their longstanding charity partner to help establish them in their new home in Wigston by dismantling unused furniture and other redundant equipment from their old office in Market Harborough and installing it in the Hub’s new premises. “With the support from Market Harborough Building Society, the work of the team in getting us established in our new home has been amazing. They have gone far beyond what was expected, and we are so grateful,” said Bruce Harrison of Leicester South Foodbank. Annie Cossar, chief customer officer at MHBS and trustee of Leicester South Foodbank, said: “The partnership between MHBS and Leicester South Foodbank is close to my heart. I am proud to see this partnership grow and help impact our local community in new ways.”

Profit warnings issued by listed Midlands companies almost half in Q1 2025

Listed companies in the Midlands issued seven profit warnings in Q1 2025, a 46% decrease from the 13 issued in Q4 2024, according to the latest EY-Parthenon Profit Warnings report. Nationally, UK-listed companies issued 62 profit warnings between January and March 2025, an 11% year-on-year fall. However, the proportion of listed firms to warn in the last 12 months remains high (18%). Midlands companies in the FTSE Consumer Discretionary and Industrials sectors issued the highest number of warnings, with two each. However, the Consumer Discretionary sector experienced a 22% decrease in warnings compared to the previous quarter, while the Industrials sector remained unchanged. Other sectors which reported warnings include Technology, Healthcare and Basic Materials. Jo Robinson, EY-Parthenon partner and UK&I turnaround and restructuring strategy leader, said: “The first quarter of 2025 may now feel like a different era for many businesses, but the latest profit warnings data reveals underlying weaknesses that will be magnified by recent tariff disruptions and the resulting economic fallout. “Nearly one in five listed firms issued a warning in the last 12 months and that’s a level typically associated with a period of economic shock. “UK businesses have faced unprecedented challenges in recent years and have developed admirable levels of resilience in response, which should serve many well as the global economy navigates the coming months of uncertainty. At times like these, businesses must focus on staying nimble by planning for a range of different scenarios and continuing to build operational and financial resilience.” Contract cancellations continue to be leading factor for profit warnings The leading factor behind profit warnings in Q1 was contract and order cancellations or delays, cited in 40% of warnings – the highest percentage recorded for this cause in 25 years of EY’s analysis. Policy change and geopolitical uncertainty (26%) and labour market issues (18%) were cited as the other main drivers for warnings during Q1. So far in Q2, half (50%) of the profit warnings issued by UK-listed businesses in April cited the direct or indirect impact of tariffs and resulting recent global trade disruption. The average share price fall on the day of warning also climbed, up from 13% in Q4 2024 to 17% in Q1 2025 and almost a fifth (19%) in April 2025. Claire Gambles, EY-Parthenon turnaround and restructuring strategy partner in the Midlands, added: “UK companies have faced many challenges in recent years, but ongoing global trade disruption has the potential to bring even more substantial and far-reaching repercussions. Demand and supply shocks from the pandemic and geopolitical events were significant but primarily cyclical disruptions, whereas major changes to international trade policy may have more enduring effects. “Naturally, these changes won’t happen immediately, and companies will need to balance immediate responses, such as strengthening financial resilience, with strategic shifts, whether by reassessing supply chains and pricing models or exploring new global partnerships, to help respond to further uncertainty over the coming months.”

The subtle changes making a big difference to workplace culture

Small adjustments often have more influence than sweeping reforms. Many companies are noticing how day-to-day experiences shape attitudes, performance, and satisfaction. Shifting a workplace’s culture doesn’t always require complex strategies or overhauls. It often starts with practical, measured improvements that respond directly to what teams actually need. When staff feel supported in how they move, interact, and focus, they’re more likely to engage with their work fully. Making these changes requires attention to physical environments as much as company values. Flexible layouts that put people first Offices that adapt to different tasks and work styles help people perform better. Creating a single space that serves everyone equally can lead to distractions, tension, and low morale. Instead, businesses are exploring layouts that accommodate deep work, informal collaboration and casual conversation, each with their own space. This doesn’t always require new furniture or renovation. Repositioning desks, rearranging meeting areas and introducing small quiet zones can lead to noticeable improvements. Offering a mix of private and shared areas clearly conveys that individual needs matter. Teams become more productive when they have room to choose how they work best. Supporting change through refurbishment projects A refurbishment project can support lasting improvements when offices need more than a few minor changes. Many organisations now work with experienced providers who specialise in office fit-outs. These professionals assess how a space is used and help companies make decisions based on workflow and team habits. Partnering with an external fit-out team allows businesses to refresh their layout without taking on the full weight of planning alone. The goal isn’t to redesign for style but to create functionally improved environments. Practical fit-out solutions often involve enhancing lighting, noise control, and space management to support better outcomes for staff. Companies have adopted this approach to transform existing offices into spaces that match both brand values and practical needs. These projects often result in more motivated, better-connected teams. Lighting and acoustics: the underrated influencers The quality of lighting and sound directly affects focus, comfort and wellbeing. Many workplaces still rely on old fittings and layouts that ignore how noise carries or how light changes throughout the day. This contributes to eye strain, fatigue, and stress among staff. A simple lighting review can identify areas where natural light is underused or where artificial sources cause glare. Updating fixtures or introducing adjustable lamps can improve visibility and reduce headaches. Soundproof panels, partitions and acoustic screens can help create quieter zones, especially for roles that need high concentration. During internal surveys, staff often mention light and noise levels, but those insights don’t always reach decision-makers. Reviewing this feedback regularly is one of the simplest ways to improve satisfaction without large-scale investment. Design that supports daily habits Well-planned offices pay attention to everyday routines. That means thinking beyond desks and seeing how people move through their day. Where do they take short breaks? How do they store and access supplies? Where do spontaneous conversations happen? Spaces designed around these small but frequent actions help teams feel more settled. Adding shelves near task areas or providing easy access to shared equipment reduces wasted time. Creating informal break spots encourages more natural conversations between colleagues who might not usually work together. A more personal touch in shared spaces Shared spaces feel more engaging when staff have input. Allowing teams to choose small design elements, such as art, noticeboards or soft furnishings, helps them feel part of the environment. That sense of ownership can support greater commitment to shared goals. Even introducing rotation in how breakout rooms are decorated or inviting departments to suggest changes to shared kitchens can increase interest in maintaining and using these areas. People feel connected to the space and treat it with more care and attention. Take action on workplace improvements Improving workplace culture doesn’t always involve big gestures. The most effective steps are often taken quietly, based on direct input and real needs. Shifts in layout, lighting, shared areas and daily routines make offices feel more responsive and respectful. Now is a good time to examine how your space supports your people. Speak with your team. Observe how the office is used. Start with what you have and work with specialists when needed. Making the right changes creates a workplace people enjoy being part of every day.

Employee engagement rises but inequalities divide the workforce, warns survey

A national survey of more than 4,000 UK workers has revealed that while employee engagement has seen its first rise since the pandemic – climbing 3% to an average of 65% – inequalities continue to divide the workforce. The annual Engage for Success survey, run in partnership with Nottingham Business School, part of Nottingham Trent University, directly questioned a diverse and representative sample of employees across all sectors, industries, organisational sizes, and regions of the UK. Using resources and expertise from Stillae Ltd and the Involvement and Participation Association, it explored current emerging issues influencing engagement – including organisational practices, hybrid working, health and wellbeing, bullying and harassment, and leadership. Despite the rise for the first time in three years – since the survey began – engagement remains below pre-pandemic levels, and findings reveal a stark divide between UK organisations which prioritise their people, and those which do not. Two in five employees work in organisations that actively embed people-focused issues into decision-making. With engagement levels of 77%, they reported more positive attitudes toward work, including a willingness to ‘go the extra mile’, support colleagues, and drive performance. Employees with higher engagement are far less likely to see their job as simply a way to earn a money. Instead, they experience a sense of purpose and fulfilment in their work, which positively contributes to their overall wellbeing. In contrast, another two in five employees feel that people issues are overlooked in their organisation, where engagement drops sharply to 45%, unmanageable job stress is five times higher, and levels of presenteeism and intention to leave are significantly increased. The survey also revealed that employees with long-term health conditions, neurodivergence, or protected characteristics report 20% lower engagement, higher stress, and a greater intention to leave. Many don’t disclose their condition due to fear of discrimination, and over a third who do receive no adjustments. However, with proper support, their engagement matches that of other employees – highlighting the power of inclusive practices. Results also highlighted the crucial role that managers play in shaping employee engagement and workplace experience. When both senior leaders and line managers prioritise people issues, engagement rises significantly, creating more positive attitudes and healthier work environments. Report author, Dr Sarah Pass, senior lecturer in Human Resources Management at NBS and Engage for Success Advisory Board member, said: “Line managers are key to translating organisational goals into daily practice, supporting individual performance, development, and inclusion, particularly for employees with health conditions or neurodivergence. They are the people who turn employee feedback into action. “To lead effectively, managers need proper training and time to support their teams, and those who receive this preparation report higher engagement and greater confidence in their role. “The rise in engagement is encouraging, but if we are to truly Keep Britain Working, we must focus not just on getting people into work, but on helping them work well. Disengagement – driven by unmanageable stress, presenteeism, and poor workplace culture – risks worsening health outcomes and pushing more people out of the workforce. “To change this, we need to embed engagement, inclusion, and wellbeing at the heart of employment strategies, from government policy to organisational leadership and everyday practice. Engaged people are the foundation of resilient workplaces, stronger organisations, and a more productive economy.” Nita Clarke, director of the Involvement and Participation Association and co-founder of Engage for Success, said: “This survey has a strong message about how important effective employee engagement is to attracting people into work and keeping them there. “Government needs to ensure this message underpins the industrial strategy so we can achieve permanent improvements at organisation level in productivity as well as employee wellbeing.” David MacLeod OBE, co-founder of Engage for Success, added: “It is clear that if individual organisations and the UK overall are to grow, then we need to give higher priority to the people issues which result in increased levels of employee engagement and therefore better organisational outcomes. “There is a huge opportunity, and need, to harness the rich diversity in our workplaces so that everyone can work to their full potential.”

Agri-tech firms appoint new chief to drive commercial growth

Three UK-based agri-tech companies, B-Hive Innovations, HarvestEye, and RootExtracts, have appointed Doreen Spikings as their new Chief Operating and Commercial Officer, signalling a strategic push for commercial scaling and product development.

Spikings brings over two decades of experience across the fresh produce sector, covering supply chain operations, technical strategy, and commercial leadership. Her prior roles include senior positions at Keelings, Greenvale, and Greenyard, where she led commercial teams focused on fresh and prepared produce across global markets.

The appointment comes as the three East Midlands firms accelerate their efforts in research-based agri-tech solutions. Initially centred on potato innovations, B-Hive has expanded its offerings to other crops, including strawberries, apples, and onions, with further growth planned in sectors such as aquaculture. HarvestEye, a crop insights platform, is scaling internationally, while RootExtracts is entering commercialisation with a focus on upcycling potatoes into plant-based ingredients.

The addition of leadership is expected to support commercialisation efforts, IP development, and global client acquisition, aligning with the group’s broader ambitions for financial and environmental sustainability in food production.