Expanded group will focus on companies with zero-waste strategies

A waste management firm backed by investment group Palatine has acquired a Midlands firm in a “milestone” deal that will create a £60m revenue business with more than 200 employees. Swinton’s Papilo has taken over Warwick-based Allwood Recycling Solutions in its second acquisition since it secured the backing of Palatine’s Impact Fund.

Allwood was founded in 2010 by Darren Wheeler and has been led since 2025 by Gavin Ebery. Both will continue with the Papilo group with the rest of the Allwood team.

The Midlands business focuses on the distribution and logistics sector and manages more than 150,000 tonnes of material each year.

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Paul Hodgkiss, CEO of Papilo said: “The Allwood team are hugely well-regarded in the industry and I am delighted to welcome Gavin, Darren and the wider Allwood team to Papilo. They bring outstanding experience, technical knowledge and from the outset, it was clear that we share a common purpose where sustainability, and the circular economy, sit at the centre of every service.

“This is a milestone acquisition for the group and will be a major platform for growth.”

Gavin Ebery, managing director of Allwood Recycling Solutions said: “This deal brings together two purpose-driven, like-minded businesses and I’m very excited about the opportunities it will bring to our customers and our people.

“We look forward to a new phase of growth as part of Papilo in a market where increasing numbers of blue-chip companies are rolling out zero waste strategies.”

Greg Holmes, senior investment director at Palatine Impact Fund, said: “This is an important strategic acquisition for Papilo, broadening our service capabilities and brings new experience and technical knowledge into the business.

“We are delighted to have supported on Papilo’s second acquisition in the last eight months and look forward to identifying other suitable targets that will further enhance Papilo’s growth.”

The deal, the value of which was not disclosed, was funded by Palatine Impact II, Kartesia and Virgin Money. Papilo was advised by Gateley Plc (legal), Fellwood Advisory (debt advisory), Forvis Mazars (financial and tax due diligence) and Luminii Consulting (commercial due diligence). Advisors to Allwood included HNH Advisors (corporate finance) and Burges Salmon (legal).

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Spagó boss says decision ‘gives us the confidence to focus on the future’

The owner of one of Lytham’s most successful restaurants has spoken of his gratitude and relief over being able to keep its ‘vital’ canopy and glass balustrade after a long planning fight.

Tony Vavoso, owner of Spagó restaurant, on Dicconson Terrace, applied for approval for a scheme to amend the glazed balustrade and canopy at the front of the premises, as the current structure was deemed unlawful and was the subject of a Planning Enforcement Notice.

Although his latest application to Fylde Council had been recommended for refusal by the planning officer over concerns it was detrimental to Lytham’s conservation area, councillors approved his proposals.

It was felt that if Mr Vavoso would have to take the structure down it could seriously undermine one of the town’s most long-standing and much loved eateries.

He told councillors that the extension allowed him to accommodate 40 extra customers, which was vital as the restaurant made its long recovery after the Covid lockdown.

He said the planning wrangle had been ongoing for 12 years.

After the decision, Mr Vavoso stated in a social media message on the restaurant’s Facebook page: ” I am incredibly grateful to the council for approving the decision regarding our canopy and for recognising both the practical and economic realities facing hospitality businesses today.

“Spagó has been part of Lytham for over a decade, and this approval gives us the confidence to focus on the future – on our staff, our customers, and continuing to invest in the business.

“We’ve always tried to give back to the community that supports us, and the decision allows us to move forward positively and sustainably.

“Thank you so much to everyone who has supported us along the way, and a special thank you to councillor Brenda Blackshaw and Kelly Farrington for the incredible support “

Ambler House in Trevelyan Square has recently undergone a complete refurnishment

Three new tenants have moved into new city centre offices after signing up for space in a renovated Leeds building. Spire Barristers, engineering and talent consultancy Apera and software company Azzuu have all moved into Ambler House, based in the popular Trevelyan Square.

All three deals were brokered by the Leeds office of global property consultancy Knight Frank, acting on behalf of landlords Karrev.

Leigh Royall, senior clerk at Spire Barristers said: “Our decision to move our chambers to Ambler House was entirely down to its location in the heart of Leeds city centre along with the ideal size and layout of floorplan, which is giving us the opportunity to design a Barristers Chambers fit for the future. We’re proud and passionate about our expertise in family and public law which we use to help deliver justice and empower our communities.”

Meanwhile James Woodhead of Apera, which also has bases in Los Angeles and Manchester, said: “We chose Ambler House because it’s a beautiful, listed building with real character in a great location. The refit is to a very high standard and includes all the amenities we need.

“The space is perfectly aligned to our Leeds growth plans. Both Knight Frank and landlords Karrev have been incredibly helpful. The whole process was straightforward and smooth in a way that office moves often are not.”

Victoria Harris of Knight Frank said: “We are absolutely delighted to welcome these three new flourishing companies to Ambler House. This hat-trick of lettings is a ringing endorsement of the quality of the building and its superb location. This is a winning combination.

“Ambler House provides characterful private offices by a quiet green square in Leeds city centre. A short walk from Leeds Station and with parking spaces available at Leeds Trinity car park, Ambler House is wonderfully connected for commuters.

“Having recently finished a complete refurbishment, the beautiful office spaces at Ambler House feature best-in-class traditional and fitted workspace, enabling companies to think about their office in the long term. Offering fully furnished and blank-canvas offices to let, this building is a perfect move for companies looking for a longer-term solution for their operation in Leeds.”

She added: “Work is now beginning on the fourth floor at Ambler House. There is currently 2,576 sq ft of quality space remaining, which can be let as a whole or in two parts.”

Benn Dickinson of Karrev Real Estate said: “We bought Ambler House because we believed in its potential. Its quality as a building and its location, surrounded by green space, yet so close to the city’s professional core, was key. Now after a sensitive refurbishment, we have welcomed three new flourishing businesses and are looking forward to welcoming more, with two new quality office suites are being created on the fourth floor.”

Like this story? For more news from the commercial property scene around the regions, visit our dedicated section here for the latest news and analysis within the sector.

Peloton posted a worse-than-expected holiday quarter on Thursday after shoppers failed to shell out for its new AI-driven product line and turned away from higher subscription prices, sending shares down more than 20% in early trading.

The connected fitness company missed Wall Street’s estimates on the top and bottom lines and fell short of its own internal sales targets in the three months ended Dec. 31 – typically the strongest for Peloton’s hardware revenue. 

The company said it expects sluggish sales to continue in the current quarter. Peloton forecasts revenue between $605 million and $625 million, below expectations of $638 million, according to LSEG. 

The weak results, coupled with soft guidance, are the first clues investors have that Peloton’s product overhaul may not be the sales driver the company hoped it would be.

The revamped assortment, which came with artificial intelligence-powered tracking cameras, speakers, 360-degree swivel screens and hands-free control, was designed to grow sales and bring in new customers. But Peloton’s results show demand has been sluggish. 

“I will not be satisfied until this company is back to healthy, sustained top line growth,” CEO Peter Stern said on a call with analysts. He said the company has seen improvement in the sense that its revenue declines are getting less steep, but he acknowledged that is “not enough.”

While Peloton’s top line might be disappointing to investors, the company is still making gains in improving its profitability. Over the holiday quarter, the company generated $81 million in adjusted earnings before interest, taxes, depreciation and amortization, better than the $73 million analysts had expected, according to StreetAccount. 

After it announced plans to lay off 11% of its staff last week, the company expects to generate between $120 million and $135 million in adjusted EBITDA in the current quarter, better than the $119 million analysts had expected, according to StreetAccount.

It raised its full-year adjusted EBITDA guidance to between $450 million and $500 million, up from a prior range of between $425 million and $475 million. 

That’s welcome news to investors because it shows Peloton was able to innovate its product line without draining profitability. 

Also on Thursday, the company announced CFO Liz Coddington is leaving Peloton to “pursue an opportunity outside the industry.” She’s staying on through March as the company searches for its next finance chief.

Here’s how Peloton did in its fiscal second quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

• Loss per share: 9 cents vs. 6 cents expected
• Revenue: $657 million vs. $674 million expected

The company’s net loss for the quarter was $38.8 million, or 9 cents per share, a significant improvement from the $92 million, or 24 cents per share, it lost in the year ago period. 

Sales fell to $656.5 million, down about 3% from $673.9 million a year earlier.

Since Peter Stern took over as Peloton’s CEO, he’s worked to generate new revenue streams and build on the company’s progress of improving its profitability. 

The revamped product assortment was one of his first big moments as CEO and included new prices for both subscriptions and hardware. Despite higher prices, revenue for both hardware and subscription came in lower than expected, indicating unit sales have been weak.

Hardware sales drove $244 million in revenue during the quarter while subscriptions saw $413 million in sales, both below expectations of $253 million and $424 million, respectively, according to StreetAccount. 

Part of the issue was Peloton had expected more of its current members to swap out their old hardware.

“We simply overestimated the rate with which existing members would want to upgrade their existing equipment to new equipment. The only historical data point we had as a company on this was when we launched Bike Plus a few years ago, and that was a really fundamental reinvention of the entire frame of the Bike,” said Stern. “And so we did not, as it turns out, see the same rate of upgrade from existing members.”

Looking ahead, investors want to see if Stern can bring the company back to growth now that expenses have stabilized and profitability is improving. In an economy where value is more important than ever, it’s been tough to convince shoppers to spend thousands on stationary bikes and treadmills.

One glimmer could be the company’s growing commercial business unit, which includes commercial versions of its Bike+, Tread+ and Row+ that will be marketed to places that have small gyms, like hotels, apartment buildings, corporate wellness centers and country clubs. 

During the quarter, revenue in Peloton’s commercial business unit was up 10%.

Luke Kennard is headed to Hollywood. The Los Angeles Lakers have acquired the veteran guard from the Atlanta Hawks in a deal that sends point guard Gabe Vincent and a future second‑round pick to Atlanta, giving LeBron James and Luka Dončić another high‑level floor spacer for their playoff push.

Kennard, 29, arrives in Los Angeles with a reputation as one of the NBA’s premier three‑point shooters, while the Hawks gain a veteran ballhandler, additional draft capital and financial flexibility via a sizeable trade exception.

Trade specifics and why it happened

Multiple reports say the Lakers are sending Vincent and a 2032 second‑round pick to Atlanta in exchange for Kennard. The Hawks are expected to generate an approximately $11 million trade exception in the process, giving them added flexibility for future roster moves.

Los Angeles had been widely viewed as a team in need of more shooting around its stars, and Kennard checks that box as cleanly as almost any player in the league. Atlanta, meanwhile, gains a veteran guard who can run offense and defend at the point of attack, plus a future asset, while opening cap maneuverability going forward.

Lakers finally get the knockdown shooter they wanted

Kennard brings a career three‑point percentage of 44.2 percent, placing him among the most accurate long‑range shooters in NBA history. This season he has been even hotter, leading the league at roughly 49.7 percent from beyond the arc at the time of the deal, according to one report.

For a Lakers team that has often struggled with spacing in the LeBron era, the fit is obvious. Kennard’s gravity should open driving lanes for James and Dončić, as well as cleaner pick‑and‑roll reads for Austin Reaves and the rest of the backcourt. Off the ball, his ability to relocate, sprint off screens and punish even brief defensive lapses will force opponents to choose between doubling stars or staying attached to one of the league’s deadliest shooters.

According to one fantasy and transaction report, the Lakers had been “in the market for another wing” and targeted Kennard specifically for his elite perimeter efficiency. The expectation is that he will begin in a second‑unit role but could close games depending on matchups and lineup combinations.

What the Hawks gain from dealing Kennard

From Atlanta’s perspective, the trade is as much about financial and structural flexibility as it is about on‑court fit. By moving Kennard’s salary and taking back Vincent plus a distant second‑round pick, the Hawks carve out an $11 million trade exception they can deploy in future deals.

The organization also brings in a veteran guard in Vincent, who has experience starting and coming off the bench in big playoff environments. Though his tenure with the Lakers was marred by injuries and inconsistent play, Vincent has shown at previous stops that he can defend, space the floor and run secondary offense in the right context.

For a Hawks team still trying to find the ideal mix around its backcourt core, adding a steady, defensive‑minded guard and a future draft asset while gaining flexibility can be seen as a pragmatic move, even if it means losing the league’s most efficient three‑point shooter this season.

Kennard’s journey to Los Angeles

Kennard’s move to the Lakers adds another chapter to a career that has already taken him through several franchises. Drafted 12th overall by the Detroit Pistons in 2017, he was later traded to the LA Clippers, where he emerged as a high‑volume sniper in a contender’s rotation.

In 2023 he was moved to the Memphis Grizzlies in a three‑team deal, a stop highlighted by a franchise‑record performance in which he hit 10 three‑pointers in a single game. Kennard re‑signed with Memphis in 2024 before eventually joining the Hawks on a one‑year, $11 million deal in 2025.

Now, with the trade to Los Angeles, he returns to a big‑market Western Conference contender that will ask him to reprise the role he played so effectively with the Clippers: a specialist whose shooting can swing playoff games.

Role and expectations in the Lakers’ rotation

Early indications are that Kennard will “play a modest role with the second unit,” according to one report, at least initially. The Lakers already feature multiple ball-dominant stars, so Kennard will not be asked to create a high volume of offense off the dribble.

Instead, his value lies in:

• Spot‑up shooting from the corners and wings.
• Coming off pindowns and flares to force defensive overreactions.
• Functioning as a safety valve late in the shot clock when defenses collapse on James or Dončić.

Defensively, Kennard is not known as a stopper, and Los Angeles will likely scheme to protect him by pairing him with stronger, more versatile defenders in key lineups. Still, his offensive impact could outweigh matchup concerns, particularly in series where shooting is at a premium.

Vincent’s rocky Lakers stint comes to an end

For Vincent, the trade effectively closes a difficult chapter. Signed by the Lakers with hopes he would bring toughness and shooting to the backcourt, he struggled to find rhythm amid injuries and inconsistent minutes.

Reports describe his Los Angeles tenure as “less than stellar,” noting that the club was eager to reset that roster spot in favor of a more reliable shooter. Moving to Atlanta offers Vincent a fresh start on a team that may be better positioned to use his defensive intensity and secondary playmaking.

How this trade shapes the Lakers’ title outlook

Whether Kennard can tilt the championship odds in Los Angeles’ favor will depend on several factors: his health, his ability to hold up defensively, and how seamlessly he meshes with the team’s existing stars.

On paper, the fit is strong. The Lakers have lacked a truly elite movement shooter in recent years, and opposing defenses frequently packed the paint against James and Dončić, daring role players to beat them from outside. Kennard’s presence should make that strategy far riskier, forcing teams to either stretch their defense to the perimeter or risk giving one of the best three‑point shooters in the league clean looks.

Analysts have already framed the move as a “favorable outcome” for the Lakers, emphasizing that they acquired the NBA’s top three‑point shooter this season without sacrificing a first‑round pick or a core young player. If Kennard delivers in the playoffs the way he has at previous stops, the trade could be remembered as a turning point in Los Angeles’ push for another title in the LeBron–Dončić era.