Sero is looking to scale up with a contracted pipeline to improve the energy efficiency of a further 10,000 homes

The Cardiff Capital Region’s £50m equity fund has made its latest investment backing the growth plans of energy innovation venture Sero.

The Cardiff-based firms works with local councils and housing associations to provide energy services and retrofit in up to 2,500 homes, with a further contracted pipeline of up to 10,000 homes. It operates across South Wales, the south west and southern England and London.

The company blends retrofit and energy expertise with proprietary technology that spans strategy support to ongoing energy management services.

The region, through its Innovation Investment Capital (IIC) fund, which is managed by Capricorn Fund Managers, has not disclosed the value of its investment into Sero. Around half of the £50m has already been invested in firms across the region, including Mazuma, Space Forge and Transcend Packaging. A sixth deal, in a co-investment, will be confirmed shortly.

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The funding round is the latest for Sero and builds on a £6m investment from Cardiff-based bank Hodge and Legal & General Capital in 2023.

James Williams, Sero chief executive, said: “IIC’s investment is a vote of confidence in Sero’s vision and technology and was driven by a clear alignment between CCR and Sero, which both share the aim of using innovative solutions to drive down bills, cut carbon emissions and deliver better, more comfortable homes for residents. With this support, we will accelerate deployment of our energy-efficiency solutions, deepen partnerships with housing providers and unlock new pathways for sustainable growth.”

Kellie Beirne, chief executive of the Cardiff Capital Region – a statutory body covering the ten local authorities of south-east Wales said: “Supporting Sero reflects strategic backing of our local companies that leverage innovation to deliver strong commercial and societal outcomes.

“Sero’s growth trajectory, rooted in technology and its contribution to improving the energy efficiency of housing stock, makes it a compelling story. We are proud to back a business that not only drives economic value but also supports meaningful climate action and community benefit in our region.”

Lynda Stoelker, Capricorn Fund Managers’ chief operating officer and chair of the IIC investment committee, added: Sero fits well within the IIC’s investment philosophy, combining sustainable technology, scalable growth potential and a mission-centric business model. We see this investment as a strong strategic and financial fit that contributes to regional development and decarbonisation objectives.”

Professional advisory firm PwC advises the fund with investment research and sourcing. Rob Asplin, PwC partner, said: “Sero was recognised as an investment opportunity for the fund due to its blend of technology-enabled solutions, strong leadership and robust market opportunity within the energy efficiency and retrofit sector. These qualities align with the fund’s investment criteria and its mandate to help scale regional innovators with the potential to deliver measurable impact.”

Hugh James provided legal advise to the fund on the deal. Gerallt Jones, partner and head of corporate/commercial for the Cardiff headquartered firm, said; ““The IIC investment in Sero highlights the strong investor confidence in innovative businesses that are delivering scalable, sustainable solutions in the Cardiff Capital Region. IIC has become a key player in the investment landscape and we are delighted to have worked with the team on another significant investment in a business contributing to the economic growth of the region.”

Business and professional services in the City set for best quarter since 2024

Private sector activity is expected to contract over the coming quarter but firms operating within business and professional services are poised to enjoy their strongest period since 2024, according to the UK’s foremost industry body.

The Confederation of British Industry (CBI) has revealed that the majority of firms anticipate a fall in activity over the next three months, with its weighted balance reading registering at -13 per cent.

Industry figures attributed the downturn in activity to declining distribution sales, coupled with a drop in manufacturing output. Service sector business volumes were also forecast to decrease, with consumer-facing businesses particularly exposed to the slowdown.

However, the CBI also suggested that activity expectations within business and professional services had improved, representing the most encouraging set of figures since the quarter to October 2024, as reported by City AM.

The results mirror a quiet sense of confidence amongst City firms, where consultancies, advisory businesses and other financial services organisations predominate.

CBI researchers further noted that private sector expectations were the least pessimistic since November 2024 — the month following Chancellor Rachel Reeves’ decision to raise employment taxes via increased national insurance contributions totalling some £25bn.

Charlotte Dendy, the CBI’s economic surveys manager, described the upturn in business confidence as “notable” despite continuing to sit below long-term averages.

“Businesses continue to highlight the impact of recent Budgets on costs, alongside weak customer confidence and a broader lack of demand indicating that the mood remains fragile,” Dendy said.

“While the Spring Forecast may not carry the full weight of a Budget, it still provides an important moment for the Chancellor to double down on the government’s growth mission.

“With business costs continuing to weigh on private sector activity, growth and investment, broader solutions must be found on lowering business energy costs and on the practical implementation of the Employment Rights Act.”

The survey also revealed that workforce numbers are expected to decline further in the three months to May, partially due to workplace rights reforms introduced through the Employment Rights Act.

The CBI and other trade organisations secured a compromise with the government to abandon ‘day one’ rights for unfair dismissal but a raft of other reforms, including enhanced powers for unions to organise strikes and expanded sick pay guarantees, could increase regulatory burdens on businesses.

A series of consultations on the bill will launch in February, covering areas such as maternity leave and trade union membership.

Irish actress Jessie Buckley solidified her status as the frontrunner for the best actress Oscar on Sunday night, capturing the Outstanding Performance by a Female Actor in a Leading Role at the 2026 Actor Awards for her searing portrayal of Agnes Shakespeare in Chloé Zhao’s “Hamnet.”

Buckley, 36, took the stage at the Shrine Auditorium amid thunderous applause after her name was announced, beating out nominees Rose Byrne (“If I Had Legs I’d Kick You”), Kate Hudson (“Song Sung Blue”), Chase Infiniti (“One Battle After Another”) and Emma Stone (“Bugonia”). The win marks the culmination of a dominant awards season run for Buckley, who previously claimed best actress honors at the Golden Globes, Critics Choice Awards and BAFTAs for the same role.

Directed by Zhao and adapted from Maggie O’Farrell’s bestselling novel, “Hamnet” reimagines the life of Shakespeare’s family, focusing on the grief-stricken Agnes following the death of their young son. Buckley’s performance as the intuitive, resilient wife and mother has been widely praised for its emotional depth and quiet power, blending historical authenticity with raw vulnerability.

In her acceptance speech, Buckley expressed profound gratitude to her peers and singled out “Hamnet” co-star Emily Watson, who played a pivotal supporting role. “I have been categorically changed by so many people in this room and beyond,” Buckley said, her voice cracking with emotion. “Emily, you’re the realest of the real—my north star from the beginning. Thank you for inspiring me every step.” The shout-out visibly moved Watson in the audience, with cameras capturing her wiping away tears.

The moment echoed Buckley’s earlier tributes to Watson at the Critics Choice Awards in January, where she called the veteran actress her guiding influence. Buckley’s heartfelt words underscored the collaborative spirit of the film, which also earned a nomination for outstanding cast performance but lost to Ryan Coogler’s “Sinners.”

The victory positions Buckley strongly for the Academy Awards on March 15, 2026. She has now swept the major precursor acting awards—a rare feat last achieved by Renée Zellweger for “Judy” in 2019. Industry observers note that the Actor Awards, voted on by SAG-AFTRA members, carry significant weight as a bellwether for Oscar acting categories. Buckley’s win makes her the first Irish performer to claim the Actor Award in this category, and a potential Oscar triumph would mark the first for an Irish actress in lead actress.

Buckley’s journey to this moment has been marked by consistent critical acclaim since “Hamnet” premiered at Telluride in 2025. Her nuanced depiction of maternal loss and quiet strength resonated deeply, earning her comparisons to past winners like Frances McDormand and Olivia Colman for their ability to convey profound emotion with subtlety.

The 32nd annual Actor Awards—newly rebranded from the Screen Actors Guild Awards—were hosted by Kristen Bell, who opened with a lively monologue incorporating song and dance. The ceremony streamed live on Netflix, drawing millions of viewers worldwide. Other notable film wins included Michael B. Jordan for lead actor in “Sinners,” Amy Madigan for supporting actress in “Weapons” and Sean Penn for supporting actor in “One Battle After Another.” Television highlights featured Keri Russell in drama series actress for “The Diplomat,” Seth Rogen in comedy series actor for “The Studio” and a posthumous win for Catherine O’Hara in comedy series actress for “The Studio.”

Buckley’s win caps a transformative period for the actress, who has balanced stage work, television and film while building a reputation as one of the most versatile performers of her generation. Her earlier roles in “The Lost Daughter,” “I’m Thinking of Ending Things” and “Chernobyl” showcased her range, but “Hamnet” represents a career-defining turn that has elevated her to awards-season dominance.

Post-win, Buckley told reporters backstage she felt “overwhelmed by the love” from fellow actors. “This coming from the people who know what it’s like to be in the trenches means everything,” she said. She also reflected on the film’s themes of love, grief and resilience, noting how they mirrored real-life experiences for many.

As the Oscars approach, Buckley’s sweep has shifted the best actress race decisively in her favor. With strong peer support and critical consensus, analysts predict she could become the first Irish Oscar winner in the lead actress category, adding another milestone to an already remarkable season.

The Actor Awards delivered a night of surprises and emotional highs, but Buckley’s gracious, heartfelt victory stood out as a highlight, celebrating not just individual achievement but the collaborative magic of filmmaking.

Trade Barometer from Manchester Airports Group and Growing Together Alliance shows exporters are broadly upbeat

British exporters have started pivoting away from America as the uncertainty over Donald Trump’s tariffs and trade policies goes on, the latest edition of a national trade study has revealed.

And with the Spring Statement coming up, a Northern business leader has urged Rachel Reeves to help unleash “significant and ambitious growth” across the regions of the UK, including the North and OxCam corridors, through growing global trade.

The latest UK Trade Barometer, from Manchester Airports Group and the Growing Together Alliance of business groups, showed that in the last quarter of 2025 manufacturers in particular had pivoted away from the US towards other markets.

But the shift from the States was seen in all sectors, with just 24% of those polled saying they had increased US sales in Q4, a figure which has fallen steadily from 29% at the start of 2025. When asked which global market they had entered for the first time in Q4, just 14% said America – down from 20% in Q1. Some 13% of those polled said they expected to start trading in the US in the next three months – the same figure as Q1 in 2025.

Nine markets in particular have grown in popularity over the past year. In Q4, some 10% of firms said they planned to increase sales to Australia, up on 6% in Q1, with Spain (6% vs 5%) and New Zealand (6% vs 2%) also growing in popularity.

Some 46% of all manufacturers said they had increased exports over the period, but just 16% said they had increased sales to America in Q4 – down from 25% in Q1.

But 12% of manufacturers said they had grown sales to China, a rate that doubled from 6% in Q1. The number reporting increased sales to Japan rose from 4% in Q1 to 8% by Q4.

The study also looks at which markets manufacturers broke into for the first time. In Q1 2025, 15% of those polled made their first move into America, but just 8% said the same in Q4.

But in Q4 some 9% of those polled said they had sold to China for the first time, up from 4% in Q1, while 9% also said they had sold to Japan for the first time – up from just 3% in Q1. Other markets to see growth were Australia, France, Germany and Spain.

In construction, some 92% of firms polled said they had increased overseas sales. At an average of 79% across all four quarters, it was the sector that saw the most export increases.

Just 18% of those firms said they grew US sales in Q4, down from 43% in Q1. The biggest growth market was Japan, with other growing markets including Ireland, Malaysia, Singapore, Thailand and New Zealand.

Financial services had its strongest quarter in Q4 with 59% reporting increased overseas sales. Some 25% of financial services firms grew sales to the US in Q4 – the same share as in Q1 – while the biggest other growth markets were India and Canada.

While all parts of the UK had their weakest overseas sales quarter in Q4, the gap between London and the nations and regions widened in the second half of 2025. In the fourth quarter some 64% of London exporters said they grew overseas sales, compared with 50% in the North, 47% in the Midlands and 44% in the East of England. The gap has widened since Q1, when 76% of London firms were growing exports compared to 69% of firms in the North.

Looking ahead, some 44% of London firms expected to grow exports, with 33% expecting to enter a new market for the first time. Those figures were 27% and 18% respectively in the North, 19% and 13% respectively in the Midlands, and 18% and 16% in the East of England.

All regions expect sales to America to bounce back in the first part of this year. The most upbeat region was the Midlands, with 49% expecting an uplift in US exports, with 43% in London and the East expecting rises. The North was the only region to see fewer firms forecasting fewer US export increases to America – 46% compared to 50% in Q3 – but that was still up on the first quarter of 2025, when just 40% expected sales growth.

The barometer, run in partnership with YouGov, is created from a survey of 2,000 businesses across the country every quarter. Business leaders answer questions about their global trading habits in the past quarter and their expectations for the quarter ahead.

Manchester Airports Group (MAG) is the largest UK airports group, owning and operating Manchester, London Stansted and East Midlands Airports as well as global travel services business, CAVU.

MAG CEO Ken O’Toole said: “As an island trading nation, we know how important our export performance is to the overall economic health of the UK.

“This full-year data shows the direct impact global events can have on businesses’ order books – but it also shows that British exporters are skilled at diversifying and pivoting to new markets – harnessing the resilience and innovation of our globally trading firms will be important if we want to kick-start growth.

“While some economic indicators point to a potential upturn in growth during the course of 2026, the fact fewer than one in three exporters expect to increase sales in the first part of this year paints a slightly different picture.

“As Government looks to deliver its Industrial Strategy, there is a clear opportunity to be grasped: by growing the number of firms that trade globally, we can boost productivity and living standards in regional growth corridors across the UK, from the Northern Growth Corridor to the Ox-Cam Arc. It is vital Government works with business to understand the steps it could take to help more firms trade internationally, including encouraging investment in the infrastructure that unlocks international connectivity.”

Henri Murison, chair of the Growing Together Alliance, said: “Over the course of 2025 we’ve seen a clear recalibration in UK trade patterns. While America remains a vital market, particularly for manufacturers, exporters have increasingly diversified as conditions have shifted. This reflects geopolitical realities, but also the adaptability and resilience of UK firms.

“The pivot to markets like Asia and Europe is notable – and if the Prime Minister can negotiate it then further reduced trade barriers with the latter it would make trade with countries in the European Union easier without allowing accusations of Brexit betrayal that a full-blown customs union could lead to.”

“The continued strength of London is welcome, and the priority should now be ensuring that export-led growth is not confined there but supports further increasing productivity across all regions.

“With the Spring Statement next week, there is an opportunity to reinforce the economic fundamentals which the Chancellor has focused on. This will allow her to continue backing significant and ambitious growth across the North and OxCam corridors underpinned by infrastructure.”