Screwfix is targeting 60 new store openings by the end of the financial year in the UK and Ireland, despite its parent company Kingfisher lowering its profit guidance for the 2023/24 financial year. The DIY retailer opened 12 new stores in the first six months of the year in the
American real estate group Realty is in has reached a deal with Ediston Property Investment Company to purchase its entire property estate for £200.8m. Ediston confirmed it had reached an agreement with RI UK 1 Limited, a subsidiary of Realty, over the sale of its 11 site-strong retail park estate.
Following a competitive tender process, Greater Manchester Pension Fund (GMPF) is pleased to announce that it will be appointing CBRE Ltd as the new investment advisor for its Greater Manchester Property Venture Fund (GMPVF). The Fund has an £840m investment allocation to local property development, focused on the North West
Kent-based Keaveney Plant Hire Ltd has added a state-of-the-art Suction Excavator to its fleet, thanks to financing from Paragon Bank. The plant hire specialist, based in Ashford, secured £450,000 from Paragon’s SME Lending Construction team to acquire the new asset, helping it to meet escalating business demands and expand its
Market analysis by debt advisory specialists, Sirius Property Finance, has found that while the volume of non-domestic rateable properties in England has crept up over the last year, there has been a marginal decline in their total rateable value. Sirius Property Finance analysed data on non-domestic properties – those not
The owner of Wagamama has said it is targeting between 200 and 220 restaurants in the long-term, up from its current estate of around 160 UK sites. The Restaurant Group said that strong returns from regional restaurants has given it confidence to accelerate its expansion plans, with the aim of
The owners of Asda are reportedly considering a £500m sale of some of the supermarket retailer’s property portfolio in an effort to reduce debts. The billionaire Issa brothers, Mohsin and Zuber, with the backing of TDR Capital, are said to be in negotiations with Australian firm Macquarie Asset Management regarding
Global engineering, design, and advisory practice Buro Happold will continue its role as lead consultant for the Mayor of London’s Local Energy Accelerator (LEA) – a funding programme which supports the development and delivery of local energy projects across London – as it is extended to Spring 2024. A further £3 million
Notting Hill Genesis (NHG) has announced the appointment of energy and regeneration specialist, Equans, to undertake an upgrade and investment programme at the Paragon estate in Brentford. It means work can start on bringing 1,000 homes back into use between 2025 and 2026 and restoring a local community on the
Energy firms met today with Secretary of State Grant Shapps during Energy Week to strengthen the UK’s plans for energy security and economic growth. Energy Security Secretary Grant Shapps today hailed the “immense opportunities” available for companies and communities as the UK continues to invest in renewable and other clean
BDC 319 : Aug 2024
Screwfix is targeting 60 new store openings by the end of the financial year in the UK and Ireland, despite its parent company Kingfisher lowering its profit guidance for the 2023/24 financial year. The DIY retailer opened 12 new stores in the first six months of the year in the UK and Ireland, and is also eyeing further expansion into Europe. Kingfisher had also revealed that B&Q has expanded its trade-focused banner, TradePoint. The retailer opened 18 new counters in the first half of the year, extending its presence within B&Q’s estate to 207, over two-thirds of stores. This comes despite Kingfisher lowering its pre-tax profit guidance for the year from a previous estimation of £634m to £590m. During the first half of 2023, the group’s statutory pre-tax profit fell by 33.1% to £317 million. Despite an increase in like-for-like (LFL) sales in the UK and Ireland of 1.7%, the group saw poorer European performance in France and Poland, where LFL sales fell by 3.8% and 10.9% respectively. The group’s total sales increased by 1.1% to £6.88bn. Thierry Garnier, chief executive officer, said: “Our LFL sales in H1 were slightly ahead of expectations, against a backdrop of unseasonal weather and ongoing macroeconomic challenges in our markets. We saw good growth in our UK banners, with Screwfix gaining significant market share.” “Trading in the UK & Ireland continues to have positive momentum. However, to better reflect our performance in H1 and the trading environment in our markets, we have updated our profit guidance for this year and are proactively managing our operating costs accordingly. We remain very positive on the medium-to-long term outlook for home improvement growth in our markets, and confident in our ability to grow market share and deliver on our medium-term financial objectives”, he added. Building, Design & Construction Magazine | The Choice of Industry Professionals
American real estate group Realty is in has reached a deal with Ediston Property Investment Company to purchase its entire property estate for £200.8m. Ediston confirmed it had reached an agreement with RI UK 1 Limited, a subsidiary of Realty, over the sale of its 11 site-strong retail park estate. Eidston currently invest in retail parks in Stirling, Haddington, Sunderland, Widnes, Barnsley, Prestatyn, Hull, Wrexham, Glasgow, Daventry, and Rhyl. The group said its portfolio has a value of £208.4m with a contracted rental income of £16.5m. William Hill, chairman of Ediston, said: “The board was very pleased with the interest shown in the company, with proposals being received from a number of potential counterparties. Having considered multiple options, and after detailed analysis, the board determined a sale of the property portfolio to Realty Income was the best means of maximising shareholder value. “The board unanimously considers the disposal to be in the best interests of the company and its shareholders as a whole and recommends that shareholders vote in favour of the resolution at the general meeting.” The group’s general meeting will be held on 26 September. If the acquisition is accepted unconditionally, Ediston’s board will look to seek shareholder approval to voluntarily liquidate the company and distribute all of its assets – which would consist entirely of cash – to shareholders. It was recently reported that Florida-based Realty is eyeing the purchase of Inverness Shopping Park, the Kingston Centre in Milton Keynes, and Serpentine Green in Peterborough from British Land. Also included in the deal is a portfolio of six data centres and offices based in London, which are currently leased to Vodafone. The New York-listed company entered the UK property market in 2019 when it formed a joint partnership with British Land to take ownership of 12 Sainsbury’s supermarkets, in a deal worth £429m. It now has a British portfolio worth over £2bn, having invested in a number of supermarkets, DIY stores, and retail parks. Realty previously told its investors that it sees the UK as an attractive investment hotspot. Building, Design & Construction Magazine | The Choice of Industry Professionals
Following a competitive tender process, Greater Manchester Pension Fund (GMPF) is pleased to announce that it will be appointing CBRE Ltd as the new investment advisor for its Greater Manchester Property Venture Fund (GMPVF). The Fund has an £840m investment allocation to local property development, focused on the North West and West Yorkshire. The prestigious seven-year mandate will see CBRE provide strategic advice to the Fund to help it invest in direct and lending opportunities across the full range of commercial and residential property sectors, whilst meeting its other core investment objectives. These include generating income for the Fund whilst contributing positively to the economic growth and environment of the region through the generation of employment opportunities, improving long-term job prospects, advancing environmental and residential living standards, stimulating further investment, and regenerating urban areas. GMPVF has invested in property development across the North-West for over 30 years, both as a developer in its own right, and also by providing development debt and equity, alongside other developers in the region. Notable developments supported by GMPVF over recent years include: One St Peter’s Square, 8 First St, Airport City, Circle Square, Manchester New Square, Leonardo Hotel, Crusader Mill, Colliers Yard, Mailbox Stockport and Island Manchester. Colin Thomasson, Head of Northern Investment, CBRE commented: “We are honoured to have been appointed to service this significant mandate on behalf of the Greater Manchester Pension Fund. The investment potential across the north of England is exceptional and the scope of this investment programme will enable us to draw on the full power of the CBRE platform, bringing together experts from our Capital Markets, Asset Management, Development Advisory, Lending and Direct Investment Advisory teams to deliver significant value to the Fund over the next seven years. We are excited to build a powerful partnership with GMPF that will drive social, economic and community impact.” Will Church, Executive Director, Lending, CBRE added: “Our Lending team within Capital Advisors has originated and deployed over £1.6bn into debt investments across the North West and Yorkshire in the last 12 years, and manage some of the most successful Impact Funds in the UK. We consider GMPF’s ability and commitment to invest in schemes that benefit local communities to be fundamental to the ongoing success of the region and we are delighted to be able to build on our track record of delivering impact outcomes.” Councillor Gerald Cooney, Chair, GMPF added: “On behalf of the Fund, we would like to acknowledge the contribution made by the retiring manager, Avison Young (formerly GVA Grimley), in the successful expansion and deployment of the GMPVF allocation over the past 15 years. We now look forward to building a strong and effective partnership with CBRE to successfully deliver against our strategy and drive social, economic and community impact through our real estate investments across the north of England.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Kent-based Keaveney Plant Hire Ltd has added a state-of-the-art Suction Excavator to its fleet, thanks to financing from Paragon Bank. The plant hire specialist, based in Ashford, secured £450,000 from Paragon’s SME Lending Construction team to acquire the new asset, helping it to meet escalating business demands and expand its service offering. The firm’s Managing Director, Andrew Keaveney, developed a strong rapport with Paragon’s SME Lending team having previously secured financing from the bank. Keaveney Plant Hire Ltd is a division of the wider family-run business founded in 2007, The Keaveney Group. It’s recognised as a key supplier in the industry and combines family values and innovative technology, resulting in a cost-effective service with strong client partnerships. The newly acquired ESE 6 RD RSP Suction Excavator is mounted on a Mercedes Benz Arocs 8x4x4 Chassis Cab with cutting-edge features, such as a fully hydraulic articulated hose carrier, and is the ideal solution for working at distances ranging from zero to six metres. Thanks to the support of Paragon’s Construction team, Keaveney Plant Hire Ltd can further commit to providing an array of equipment to its clients. Tracey Cronin, Business Development Manager in Paragon’s Construction team, led the deal on behalf of the bank. Commenting on the funding secured from Paragon, Andrew Keaveney said: “Thanks to the support from Paragon Bank’s SME Lending division we have secured the necessary financing to elevate our operations. The acquisition of the Suction Excavator enables us to meet the growing demand for this asset.” Commenting on the support provided to Keaveney Plant Hire Ltd, Tracey Cronin, Business Development Manager in Paragon’s Construction team, said: “We are thrilled to assist Keaveney Plant Hire Ltd in its journey of growth and fleet expansion. Our partnership withAndrew Keaveney andhis dedicated team has been further strengthened, and we take pride in continuing to provide financing solutions that drive its success.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Market analysis by debt advisory specialists, Sirius Property Finance, has found that while the volume of non-domestic rateable properties in England has crept up over the last year, there has been a marginal decline in their total rateable value. Sirius Property Finance analysed data on non-domestic properties – those not used for living accommodations such as shops, offices and warehouses – looking at the rateable value of this commercial real estate in current market conditions. The rateable value is an estimate of what it could cost to rent a property for a year based on a set valuation date. The analysis shows that there are just over 2m non-domestic rateable properties located across England, with London home to the highest proportion (16%) with 319,300. This marks a marginal increase of 0.2% versus 2022, which may sound insignificant, but equates to an increase of 3,750 properties. In the current market, the rateable value estimated totals over £63.5bn, a marginal reduction of -0.1%, but again, one that equates to a drop of almost £77m. As a result, the average value per rateable property currently sits at £31,488 per year. Of the three primary non-domestic sectors, it’s the industrial sector that boasts the highest volume of commercial rateable properties (532,680), however, the retail sector sits top with a highest total rateable value of £15.9bn in 2023. This is despite both an annual reduction in the volume (-0.3%) and total value (-0.9%) of these properties when compared to last year. The office sector has also seen a year on year decline in both volumes (-1%) and total rateable value (-1%). In contrast, the number of industrial rateable properties is up 0.7% annually, with the total value of these properties also climbing by 1.1%. Managing Director of Sirius Property Finance, Nicholas Christofi, commented: “Overall, the rateable value of non-domestic properties across the nation has declined marginally over the last year, despite the challenging landscape facing the commercial sector. At the same time, volumes have also crept up, which suggests an underlying air of confidence within the commercial space. Of course, this marginal reduction in values still equates to a notable £77 million versus last year, which really demonstrates the sheer size of the sector in England. While retail remains the most valuable non-domestic core sector, it’s the industrial space that has gone against the wider grain to register an uplift in both volumes and rateable value.” Data tables Data tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
The owner of Wagamama has said it is targeting between 200 and 220 restaurants in the long-term, up from its current estate of around 160 UK sites. The Restaurant Group said that strong returns from regional restaurants has given it confidence to accelerate its expansion plans, with the aim of now opening between eight to 10 sites from the 2024 financial year onwards. This comes as the group, which also owns the Frankie & Benny’s chain and the Brunning & Price pub group, releases its interim results for the first half of the 2023 financial year. The group said it was also aiming to open between one to three “high quality” Brunning & Price pubs from the 2024 financial year onwards. During the 26 weeks ending 2 July 2023, the group’s total revenue increased by 10% to £467.4m, up from £423.4m the previous year. Whilst the group’s Wagamama, pubs, and concessions businesses had all seen year-on-year increases in like-for-like sales of 7%, 8%, and 29% respectively, its leisure business saw a fall in sales of 3%. The Restaurant Group said that despite more resilient trading in the third quarter, it has continued to rationalise its leisure estate. It now expects to reduce the size of this business to around 76 sites by the end of the financial year, down from 116 sites previous year. This would mean that the group’s two-year rationalisation programme would be delivered in 12 months. The group will hope to achieve this through: the exercising of lease expiries or break clauses on 14 sites; the sale of eight freehold sites; the conversion of three sites to Wagamama restaurants by the end of the 2024 financial year; and the acceleration of the disposal of between 12 and 17 sites through agreements with landlords or alternative tenants. The Restaurant Group expects to exit the vast majority of lease obligations on the circa 40 closed sites by the end of the 2024 financial year. Building, Design & Construction Magazine | The Choice of Industry Professionals
The owners of Asda are reportedly considering a £500m sale of some of the supermarket retailer’s property portfolio in an effort to reduce debts. The billionaire Issa brothers, Mohsin and Zuber, with the backing of TDR Capital, are said to be in negotiations with Australian firm Macquarie Asset Management regarding a sale. The deal would see Macquarie purchase the ground rent leases of around 50 Asda stores, with a clause allowing the supermarket retailer to reassume control of the sites at the end of the 50-year term. Asda would then be able to pay lower rents at these stores while raising higher amounts of equity. The Issa brothers acquired the Asda estate from Walmart in 2021 in a deal worth £6.8bn, however some £2.75bn of debt was included in the transaction. In March, it was reported that the billionaire brothers were eyeing the sale-and-leaseback of the entire Asda estate, worth £8.6bn. The supermarket retailer then disposed of 25 stores to American investor Realty Income in a sale-and-leaseback deal worth £650m. Asda recently reported an increase in sales during the second quarter, which the supermarket said reflected the “strength” of its customer proposition. Building, Design & Construction Magazine | The Choice of Industry Professionals
Global engineering, design, and advisory practice Buro Happold will continue its role as lead consultant for the Mayor of London’s Local Energy Accelerator (LEA) – a funding programme which supports the development and delivery of local energy projects across London – as it is extended to Spring 2024. A further £3 million of funding has been made available from the Mayor of London to support organisations to deliver clean and flexible local energy projects and help to meet London’s ambition of being net zero carbon by 2030. Buro Happold will work closely with partners Turner & Townsend and communications consultancy Camargue to continue the work done to date to decarbonise London and tackle the climate emergency. Through the continued programme, funded support and expertise will be provided to organisations including local authorities, government departments, NHS Trusts, and housing associations to develop projects such as district heat networks and technologies, including heat pumps and solar PV. Buro Happold will continue to lead on the delivery of the programme, working closely with beneficiary organisations across London and providing technical expertise to support the development of projects. Their extensive energy consulting work will help guide organisations across London to benefit from low carbon, low-cost energy solutions that are suited to the challenges faced because of climate change. Turner & Townsend will continue to provide programme management services for the GLA and support the Local Energy Accelerator’s beneficiaries. As well as supporting the application process, the firm will provide guidance and oversight throughout the projects to help ensure effective delivery. Camargue will continue to provide communications and engagement support, including promoting the programme to potential beneficiaries across London and driving applications for funding. Shirley Rodrigues, Deputy Mayor for Environment and Energy said: “The Mayor is committed to making London net zero by 2030 and as we see the growing impacts of climate change on our world and our city we know we must accelerate our work on this target. We all need to work together and make the bold decisions now. “I’m pleased that the Mayor is providing further funding to support the delivery and development of local energy projects and that Buro Happold will continue their excellent work as lead consultant for the Mayor’s Local Energy Accelerator. This programme has already helped hundreds of London based organisations to reduce their carbon footprint and work towards achieving net zero in 2030. Working together we can build a better London for everyone – a safer, fairer, greener and more prosperous city for all Londoners.” Alasdair Young, Director of Energy at Buro Happold said: “We are delighted to be able to continue our work, along with our partners, to support organisations across London developing clean and locally generated energy projects. The Mayor has set ambitious targets to decarbonise London. Scaling up local net-zero carbon energy systems requires a step change in the pace of deployment. It is an exciting time, but there are huge challenges for councils looking to transition to low carbon energy. However, with the right guidance and leadership, the opportunities to reduce energy, reduce cost and cut carbon are real. We have found that many organisations are committed to reducing their emissions but often struggle to access specialist, independent expertise. Buro Happold is relishing the opportunity to lead in this critical area for London to deliver on important net zero targets and are delighted to be supporting the GLA in providing access to skills which will help to tackle this huge challenge.” Matt Sutton, Director at Camargue, said: “It’s brilliant to see the progress that has been made over the last few years by organisations across London to decarbonise the city, and to have worked closely with the GLA to support this work through the Local Energy Accelerator programme. “Over the coming months we’ll be helping the GLA to promote the extended programme and drive applications for funding – supporting the delivery of more essential clean energy projects. We’ll also be telling the story of the success of the programme to date and fostering collaboration between beneficiaries to continue the move towards net zero over the coming years.” Richard McWilliams, Director of Sustainability at Turner & Townsend, said: “Decarbonising the UK’s energy and heat networks is central to achieving our net zero ambitions, and strengthening national energy security. This award demonstrates our ability to drive complex programmes and it’s fantastic to be able to continue our work in supporting the delivery of essential local energy projects. “Our long-standing relationship with the GLA and strong track record of working in partnership with local authorities makes us well placed to support the energy transition across the capital.” Buro Happold is leading the design and deployment of innovative net-zero carbon heat and renewable energy systems across the UK. This ranges from river, lake and mine water source heat pumps to district energy schemes which recycle waste heat from sewage to provide hot water and heating to homes and workplaces. Their specialists work with clients to tackle technical and commercial challenges. They prepare investment cases and high-performance designs which enable clients to decarbonise the built environment across scale – buildings, campuses, and cities. Buro Happold is committed to developing and sharing knowledge of this critical issue across engineering and construction. They were among the first signatories to the World Green Building Council Net Zero Carbon Buildings Declaration and have a seat on the steering group for the UK Green Building Council net zero carbon buildings framework definition task group. Building, Design & Construction Magazine | The Choice of Industry Professionals
Notting Hill Genesis (NHG) has announced the appointment of energy and regeneration specialist, Equans, to undertake an upgrade and investment programme at the Paragon estate in Brentford. It means work can start on bringing 1,000 homes back into use between 2025 and 2026 and restoring a local community on the estate. Those who previously lived at Paragon were successfully supported to find new homes and move on with their lives, following the difficult decision to ask them all to leave the estate in October 2020; due to Notting Hill Genesis’ concern that the buildings did not meet adequate levels of safety. John Hughes, group director of development and sales and deputy chief executive of NHG said: “The safety of our residents is always our first priority and, as such, we felt moving residents from Paragon was the best course if action and has enabled us to assess the full scope of the proposed works. We know how much of an upheaval this was for everyone, so we established dedicated teams to work with every household to find a permanent solution. “The subsequent thorough investigations give us a great deal of confidence that we have a robust plan and we are looking forward to working with Equans and our expert team of surveyors to deliver our remediation and reinvestment plan. We look forward to people once again calling the Paragon estate home and to it being a thriving west London neighbourhood once more.” Equans will carry out remedial works across all six blocks, enhancing fire safety measures, by installing much thicker insulation and a new façade to dramatically improve the comfort and efficiency of the homes. Of the £72m investment, £36m will be spent on works to bring building services and finishes up to a modern standard, including the installation of sprinkler systems, upgraded mechanical, engineering, and public health systems, and completely refitted homes. The work also includes a complete internal refurbishment to all areas, including new lighting, ceilings, furniture, flooring, and landscaping. Dan Germann, regional managing director for Equans added: “Following months of significant, intrusive investigations and comprehensive planning and testing, we are delighted to have been appointed to undertake the remedial and reinvestment works at the Paragon estate development. “Equans is very much looking forward to continuing the proactive and collaborative working relationships which have developed over the past number of months with Notting Hill Genesis and their appointed professional team. We are committed to ensuring that this significant project provides both safe and modern accommodation for all residents at Paragon estate.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Energy firms met today with Secretary of State Grant Shapps during Energy Week to strengthen the UK’s plans for energy security and economic growth. Energy Security Secretary Grant Shapps today hailed the “immense opportunities” available for companies and communities as the UK continues to invest in renewable and other clean technologies and strengthen national energy security. At an industry roundtable in Downing Street this week energy firms across renewables, oil and gas and nuclear all outlined projects worth as much as up to £100 billion, to be built across the UK over the next decade. Government and industry also agreed on the importance of working together across the entire energy sector to: The Secretary of State also outlined the government’s new powers to protect UK energy supplies. Speaking after the event Energy Security Secretary Grant Shapps said: We stand at a crucial point in the UK’s energy history: achieving our goals depends on continued close collaboration with the leaders in the industry. This was the shared consensus at today’s industry roundtable, which I had the privilege of convening, where we discussed the path to strengthen the UK’s energy security and boost economic growth. The consensus among energy firms was clear – there are immense opportunities ahead and these can only be seized if the UK government, industry and regulators work together across the sector to accelerate investment into renewables, bring down bills and deliver on net zero. The investment projects discussed today will not only of safeguard hundreds of thousands of skilled jobs across the country but ensure a resilient and sustainable energy future for the Britain. Attendee comments Keith Anderson, CEO, ScottishPower said: We welcomed the opportunity to hear the Secretary of State’s continued commitment to the UK’s world leading position on tackling climate change and delivering net zero, while growing the economy. As one of the biggest renewables and electricity network investors, ScottishPower is helping drive that growth, creating over 1,000 job in 12 months alone and we look forward to continuing that for decades to come. Tom Glover, RWE’s UK Country Chair said of today’s meeting: With an ambition to invest up to £15 billion in the UK electricity market by 2030, it was good to discuss the issues facing the industry at the roundtable today with Grant Shapps, the Secretary of State for Energy Security and Net Zero, and very reassuring to hear him emphasise the government’s commitment to net zero targets and the UK’s carbon budgets. We emphasised the need for more and regular engagement between government and industry, the continued commitment to net zero and the requirement for interim targets for the electricity sector. We also welcomed the announcement of the latest Track 2 CCS transport and storage projects, and encouraged the government to go further and faster with other CCS projects and CO2 shipping around the UK. David Whitehouse, Offshore Energies UK said: I welcomed the opportunity to represent Offshore Energies UK’s membership of over 400 firms at Number 10 today. These companies’ investments in innovative projects across the sector, from oil and gas to offshore wind, carbon capture and hydrogen are the key getting to net zero and beyond. Today’s energy summit re-iterated the UK’s commitment to achieving net zero, and recognised the key role that domestic oil and gas production and carbon capture and storage will play in that journey. Through ongoing collaboration and pragmatic policy, I am convinced that the UK can unlock the private investment necessary for an energy future that provides security, affordability, creates highly skilled jobs, and tackles climate change. The offshore energy sector’s proven track record over the last 5 decades shows what we can achieve when working collaboratively. Jon Butterworth, CEO of National Gas, said: Gas is at the heart of the UK’s energy security. There were 260 days in 2022 where gas provided over 30% of the nation’s electricity, ensuring the lights were kept on, whilst also keeping our citizens warm and industries fuelled – protecting thousands of jobs and half a million businesses. We welcomed today’s discussion with the Secretary of State and industry leaders, and we will continue to work with the government to strengthen the resilience of our energy sector. Emma Pinchbeck, CEO Energy UK, said: Our industry’s united view is that achieving net zero and energy security go hand in hand, and we welcome the Secretary of State’s renewed commitment to that. The best and quickest way to tackle those challenges, and keep bills affordable for customers, is to rapidly expand our own sources of cheap, clean power alongside reducing demand. Making more homes energy efficient is a no-brainer, and the potential that greater flexibility offers for consumers and the wider energy system will bring down costs for us all. We also need to focus on the immediate issue of support for those customers facing a struggle this winter to afford energy bills that remain much higher than 18 months ago. Enabling all this means having the right environment to attract the necessary investment in face of increasing global competition, developing supply chains and workforce skills and tackling issues around the planning system and grid connections that can hold up the rapid progress we all want to see. Our industry is fully committed to working with government to address all these because we all see the huge opportunities on offer for our economy, our environment and our customers. Ruth Herbert, Chief Executive of the Carbon Capture and Storage Association, said: Today’s meeting was an important opportunity to discuss with energy industry partners how we can collectively deliver secure, affordable, decarbonised energy, with CCUS critical to achieving this and driving future economic growth. We welcome the government’s CCUS announcements this week, which deliver momentum to the industry and a decarbonisation pathway to two important industrial regions. But we still need clarity on the timeline of support if we are to successfully store 20-30Mt of CO2 by 2030 in line with government’s net zero ambitions, and ensure we are not left
