The property developer is fighting off a takeover attempt by Peel Group

Regeneration specialist Harworth is exiting the residential sector as it attempts to streamline its business.

The developer says it will refocus on strategic land, enabling works and selective development to maximise returns. It comes as Harworth continues to fight off a takeover attempt by Peel Group, which last month offered nearly £583m for the Rotherham-based group.

Harworth says the offer comes at a 19.7% discount to its EPRA NDV of £697.7m as at the end of June this year. Bosses set out in detail why the Peel approach “does not fully capture the additional embedded value within the group”. They pointed to a substantial hyperscale data centre pipeline and its more than 3.8million sqft of “construction-ready” industrial and logistics land, among other points.

It called the offer “highly opportunistic” to take advantage of a “dislocation” between its share price and the value of its underlying assets.

The comments come as Harworth published half year results for the six months to the end of June in which EPRA NDV was £697.7m, compared with £725m in the same period last year. It also saw a £16.9m fall in the value of its residential portfolio over the period, compared with a £14.7m decrease in the first half of last year.

Lynda Shillaw, chief executive of Harworth, said: “Harworth has made good operational and strategic progress during the first half of 2026 and into the second, against a challenging macroeconomic backdrop that has weighed on valuations, particularly in residential. Since 2021 we have successfully repositioned our land and development portfolio, shifting the weighting to 71% industrial & logistics and developing a significant powered land bank, in turn positioning the business to deliver strong returns to shareholders into the medium term.

“Our 34.8m sqft land and development pipeline, which includes 0.8GW of powered land, would be difficult to replicate today given its scale, together with the advanced planning and power supply status, and strategic locations, of many of its sites. Within this pipeline, we are seeing strong occupier demand across our industrial & logistics products, driven by structural growth trends.

“This includes the first pre-let at our 1.1m sqft Chatterley Park site in Staffordshire, to an advanced manufacturing occupier. Our largest-ever substantially construction-ready land bank of 3.8m sqft positions us to further capture this momentum through a combination of pre-lets, land sales and small to mid-box speculative builds.”

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.

HERSHEY, PA. — The Hershey Co. has promoted Dave Hulays to chief financial officer. He succeeds Steve Voskuil, who intends to retire in early 2027.

Hulays has more than 30 years of financial leadership experience, including the past 14 years at Hershey. He most recently was vice president of finance. Since joining Hershey in 2012 as vice president of finance for Canada, he has taken on broader financial leadership responsibilities across the company, including the US and international businesses, global supply chain, M&A and enterprise transformation.

Before joining Hershey, he spent 15 years at Procter & Gamble in commercial, supply chain, strategy, global business development and global business services across the company’s North American and international businesses.

“Dave is a proven, enterprise-minded finance leader who has helped shape nearly every corner of this business, from our commercial and supply chain organizations to our growth agenda,” said Kirk Tanner, president and chief executive officer of Hershey. “He leads with rigor, accountability and courage. I’m confident he’s the right person to lead our finance organization into its next chapter.”

Hulays holds a bachelor’s degree from the University of Waterloo and a master’s degree in business administration from York University’s Schulich School of Business in Toronto.

Voskuil, who has led Hershey’s finance organization for the past seven years, will move into the role of senior vice president of strategic projects until his retirement early next year. He will focus on initiatives for the CEO and board while ensuring a smooth transition with Hulays, the company said.

“I also want to thank Steve for his leadership over the past seven years,” Tanner said. “He has been an incredible partner to me and to this company, and his continued partnership will support some of our most important priorities as we move through this transition.” 

PERTH, Australia — Shares of Minerals 260 Ltd. climbed $0.085, or 10.37%, to $0.905, continuing an extraordinary run for the West Australian gold developer as its flagship Bullabulling Gold Project progresses rapidly toward a targeted final investment decision and first production by the end of 2028.

Tuesday’s gain adds to what has already been one of the most dramatic re-ratings on the ASX over the past year, with the company’s market capitalization surging from roughly $30 million to more than $1.4 billion, according to StockAnalysis.com, driven almost entirely by the transformation of its Bullabulling project since the company acquired it in April 2025.

Minerals 260, which listed on the Australian Securities Exchange in October 2021 following a demerger from Liontown Resources, is based in West Perth and holds a broader portfolio that includes the Moora Project, Aston Lithium, the Koojan JV lithium, uranium and rare earth project, Dingo Rocks and Yalwest. But it is Bullabulling, located roughly 25 kilometers southwest of Coolgardie in Western Australia’s historic goldfields region, that has driven the overwhelming majority of investor interest in the stock.

Bullabulling’s resource base has expanded dramatically since Minerals 260 acquired the project, growing from an initial 2.3 million ounces at acquisition to 4.5 million ounces by December 2025, before a further updated Mineral Resource Estimate published in July 2026 lifted the figure by 38% to 190 million tonnes grading 1.0 grams per tonne gold for 6.2 million ounces. According to Mining Weekly, roughly 71% of that resource is now classified in the higher-confidence indicated category, a significant increase reflecting the extensive drilling program the company has undertaken across the project’s five key deposits: Dicksons, Phoenix, Bacchus, Kraken and Gibraltar.

Speaking at the Diggers & Dealers Mining Forum in August, Minerals 260 highlighted the scale of the project’s transformation over roughly a year of aggressive drilling and development work.

“Bullabulling is now 6.2 million ounces. We have a maiden Ore Reserve of 2.5 million ounces. We’ve completed the PFS,” the company told the conference, according to a transcript reviewed by Investing.com.

The project’s pre-feasibility study, published in July, outlined a substantial development case for Bullabulling. According to Mining Weekly, the PFS envisions production of 150,000 ounces of gold annually from a five-million-tonne-per-year processing plant, operating over a 19-year mine life at all-in sustaining costs of A$2,520 per ounce. The study estimated a post-tax net present value of A$2.3 billion and an internal rate of return of 43%, with a two-year payback period and projected annual free cash flow of A$330 million alongside earnings of A$510 million.

Minerals 260 managing director Luke McFayden described the project’s trajectory in comments accompanying the July resource update.

“Bullabulling is firmly established as one of Australia’s premier gold development projects and our strategic objective of creating a large-scale operation by the end of 2028 continues to progress rapidly,” McFayden said.

The company has continued to strengthen its funding position to support the project’s development. In February, Minerals 260 struck an expanded agreement with royalty and streaming company Franco-Nevada, increasing Franco-Nevada’s royalty interest in Bullabulling from 1% to 2.45%, reducing to 1.63% after cumulative production of four million ounces. As part of the same transaction, Franco-Nevada subscribed for approximately 111.1 million Minerals 260 shares at A$0.45 per share, providing the company with additional capital support while reducing its future reliance on traditional debt financing.

Drilling has continued at pace throughout 2026, with the company reporting 839 holes totaling 185,045 meters completed at Bullabulling since acquiring the project, according to Mining.com.au. Five drill rigs remained active on site as of the most recent update, with work focused on further resource growth, regional exploration across the project’s expanded 1,160-square-kilometer tenure package, and broader production readiness activities.

The company has already begun early construction work ahead of a formal final investment decision, including development of worker accommodation village infrastructure and water bore drilling, funded through an estimated A$180 million in pre-FID capital requirements. According to Mining Magazine Australia, Minerals 260’s next exploration phase is focused on three priorities: continued resource growth around existing deposits, regional target generation across the broader tenure package, and operational readiness ahead of eventual production.

A definitive feasibility study and final investment decision for Bullabulling are both targeted for the first quarter of 2027, according to the company’s latest guidance, with an additional mineral resource update also planned to incorporate ongoing drilling results from the Phoenix, Bacchus and Kraken deposits specifically.

Analyst sentiment toward the stock has remained broadly positive, with Investing.com noting an average 12-month price target of A$0.923 among covering analysts earlier this year, alongside a “Strong Buy” consensus rating. The stock’s 52-week range has spanned from a low of A$0.10 to a high near A$0.92, reflecting the dramatic re-rating the shares have undergone as Bullabulling has progressed from an early-stage exploration asset toward a fully de-risked, near-production gold development project.

With Tuesday’s gain extending Minerals 260’s remarkable run over the past year, investors will likely continue watching closely for further updates on the company’s definitive feasibility study, additional resource upgrades expected around Phoenix, Bacchus and Kraken, and progress toward the targeted final investment decision in early 2027, as Bullabulling continues its rapid transformation into what the company has positioned as one of Australia’s largest and most significant undeveloped gold projects heading toward first production by the end of 2028.

A top safety researcher at Anthropic’s has warned AI is advancing so quickly there is a greater than 10% chance it “could kill all humans” within the next decade.

Evan Hubinger said in a post on X, external the risk from the models which currently exist is “low”, but he was “worried” the technology may become able to improve itself to reach this point.

It comes after the Financial Times reported, external Anthropic withheld its latest model from the AI Safety Institute, which tests AI.

The BBC has approached Anthropic for comment.

In his latest post on X, which has been viewed 9.6 million times, Hubinger said “we really do earnestly believe” AI poses a species-ending risk to humans.

“I believe Anthropic is trying its best, but we do not yet have a plan to solve alignment for superintelligence and are not clearly on track to,” he said.

Leading figures in the AI field have been raising the alarm about the safety threat the tech poses for years, with the heads of OpenAI, Google Deepmind and Anthropic saying as much in 2023.

But those warnings have become much more stark in recent weeks, as evidence emerges that firms may be struggling to control AI.

Over the summer, there were a string of incidents where AI agents – AI systems that are allowed to operate autonomously – carried out cyber-attacks.

OpenAI, Anthropic and Meta all disclosed hacks carried out by their AI tools.

And in September, OpenAI’s chief scientist Jakub Pachocki called for “extreme caution” over AI’s progress, warning more intervention may be needed to ensure “humans remain in control of the future”.

Major figures in the space have been calling for AI development to be slowed in recent months, including Anthropic bosses Dario Amodei and Jared Kaplan.

In an open letter signed by 1,300 staff members of AI firms, external, they called for the US government to “support an international effort to develop the technical and governance tools needed to deliberately pace the frontier of automated AI development”.

Kavli said its 2025 results were impact by a familiar set of challenges

The makers of Primula cheese says reduced sales and higher costs have impacted profits.

But Gateshead-based Kavli UK Limited, part of the wider Scandinavian food group, has paid £3.6m to its charitable trust owner which distributes profits to good causes across the country. Newly published accounts of Kavli UK, which runs the Team Valley factory employing more than 280 people, show a 2.1% drop in turnover from £50.8m to £49.7m in 2025 and a fall in operating profits from £4.2m to £3.6m.

A dividend of £14m was also paid during the year through a share capital reduction move. Kavli said the results showed the impact of reduced sales, input cost price increases and higher labour costs.

The business is owned by the Kavli Trust, which since the early 1960s has existed to generate profits for good causes. Its giving is spread across three key “pillars” including 60% charitable work, 30% research and 10% culture.

Earlier this year, the Trust awarded more than £67,000 to Newcastle Carers for a pilot project providing structured and individual follow-up for young carers. It aims to break patterns of exclusion and mental strain by reducing the burden of care and helping children manage school and everyday life.

Ingrid Paasche, chief executive of Kavli Trust, said of the project: “Many young carers take on significant responsibility at an age when they should have freedom and security. This project gives them the opportunity to reclaim their everyday lives and to live fully at school and in their free time, while being seen, guided and supported.”

And in February, the Trust awarded more than £239,000 over three years to North East theatre group Mortal Fools. The organisation’s “Creative Health – National Development” initiative combines award-winning digital school programmes with local delivery in schools and communities.

With a focus on early intervention and prevention through creative activity, the project aims more than 50,000 children and young people during the 2025–2027 project period. The support from Kavli will also help train teachers and healthcare professionals.

Kavli was founded in 1893 by Olav Kavli, who opened a small cheese shop in Bergen, Norway. In 1924, he established his first factory, where he went on to invent the world’s first spreadable cheese – Primula – marking the beginning of what the company calls an exciting journey of innovation and growth.

Now, Kavli Holding AS owns and operates companies in Norway, Sweden, Finland and the UK, and employs more than 1,000 people. The group’s brands include Kavli, Q-Meieriene, Skyr, Primula, Castle MacLellan, Eriks, Johnny’s and El Taco Truck.

Fire is one of the biggest threats faced by small businesses in the Philippines. Whether you own a sari-sari store, café, restaurant, hardware shop, office, warehouse, pharmacy, salon, or retail store, a single fire incident can wipe out years of hard work within minutes.

According to the Bureau of Fire Protection (BFP), thousands of fire incidents occur across the country every year. Aside from property damage, businesses also suffer from inventory losses, interrupted operations, employee displacement, and reduced customer trust.

This is why Fire Insurance for Small Businesses is one of the most important investments every entrepreneur should consider. It provides financial protection against fire-related losses and helps businesses recover faster after unexpected disasters.

In this guide, we’ll explain everything Philippine business owners need to know about fire insurance, including its benefits, coverage, exclusions, costs, and practical tips for choosing the right policy.

What Is Fire Insurance?

Fire insurance is a type of property insurance that compensates business owners for losses or damages caused by fire. Depending on the insurance provider and policy purchased, coverage may also extend to damages resulting from lightning, explosions, smoke, and other related risks.

For small businesses, fire insurance protects valuable assets such as:

• Commercial buildings
• Office equipment
• Furniture and fixtures
• Inventory and stocks
• Machinery
• Computers and electronics
• Warehouse contents
• Store improvements

Instead of paying for repairs or replacements entirely out of pocket, the insurance company helps shoulder eligible losses based on the terms of the policy.

Why Fire Insurance Is Important for Small Businesses

1. Protects Your Business Investment

Many Filipino entrepreneurs invest years of savings into starting a business. Fire insurance safeguards that investment by reducing the financial impact of unexpected disasters.

2. Helps Business Operations Recover Faster

After a fire, businesses often need funds immediately for repairs, replacing inventory, and purchasing equipment. Insurance payouts can help shorten downtime and allow operations to resume sooner.

3. Gives Peace of Mind

Knowing your business is financially protected allows owners to focus on growth instead of constantly worrying about unexpected emergencies.

4. May Be Required by Banks

If your commercial property or business loan is financed through a bank, fire insurance may be required as part of the loan agreement.

5. Protects Business Continuity

Without insurance, a major fire could permanently close a business. Fire insurance helps businesses survive catastrophic losses and continue serving customers.

What Does Fire Insurance Usually Cover?

Coverage varies depending on the insurer and policy selected. However, most commercial fire insurance policies commonly include:

• Damage caused directly by fire
• Lightning damage
• Smoke damage
• Damage caused while extinguishing the fire
• Explosion caused by fire
• Damage to insured buildings
• Business furniture
• Office equipment
• Computers and electronics
• Business inventory
• Machinery and production equipment
• Warehouse contents

Many insurance companies also allow businesses to purchase additional coverage through policy extensions.

Optional Coverages You May Consider

Many insurers offer optional riders or endorsements that provide broader protection.

• Earthquake and fire following earthquake
• Typhoon and flood coverage
• Riot and strike damage
• Malicious damage
• Burst pipes
• Vehicle impact
• Business interruption insurance
• Loss of rental income
• Debris removal expenses
• Architect and engineering fees
• Temporary relocation costs

Business interruption insurance is especially valuable because it helps replace lost income while your business is temporarily unable to operate after a covered event.

What Is Usually Not Covered?

Every insurance policy has exclusions. Common exclusions include:

• Intentional acts by the owner
• Fraudulent claims
• Normal wear and tear
• Poor maintenance
• War and terrorism (unless specifically covered)
• Nuclear incidents
• Illegal business activities
• Losses outside the policy period

Always read the policy carefully and ask the insurance company to explain any exclusions before purchasing coverage.

How Much Fire Insurance Do Small Businesses Need?

The amount of coverage depends on several factors:

• Replacement cost of the building
• Total value of business equipment
• Inventory value
• Furniture and fixtures
• Computers and office electronics
• Machinery
• Renovation costs

A common mistake is underinsuring a business. If your insured amount is significantly lower than the property’s replacement value, you may not receive enough compensation after a major fire.

How Much Does Fire Insurance Cost in the Philippines?

Insurance premiums vary depending on multiple factors, including:

• Business type
• Building construction
• Location
• Fire protection systems
• Claims history
• Coverage amount
• Optional riders selected

Businesses located in areas with lower fire risk and equipped with smoke detectors, fire extinguishers, and sprinkler systems may qualify for more favorable premium rates compared to higher-risk properties.

Rather than choosing the cheapest policy, compare the coverage limits, exclusions, deductibles, and claim process to determine which option provides the best overall value.

How to Choose the Right Fire Insurance Policy

1. Assess Your Business Assets

Create a complete inventory of buildings, equipment, inventory, and other valuable assets.

2. Compare Multiple Insurance Providers

Obtain quotations from different insurers and compare:

• Coverage
• Premiums
• Deductibles
• Claim settlement reputation
• Customer support
• Additional benefits

3. Understand the Exclusions

Never purchase insurance based solely on price. Read the policy wording carefully.

4. Consider Business Interruption Coverage

Losing income while your business is closed can be more damaging than the fire itself.

5. Update Coverage Regularly

As your business grows, review your insurance annually to ensure your coverage keeps pace with new equipment, renovations, or increased inventory.

Tips to Reduce Fire Risks

Insurance is important, but prevention is even better.

• Install smoke detectors.
• Keep fire extinguishers accessible.
• Train employees on fire safety procedures.
• Avoid overloaded electrical outlets.
• Inspect wiring regularly.
• Maintain emergency exits.
• Store flammable materials properly.
• Conduct periodic fire drills.
• Follow BFP fire safety regulations.
• Keep important business documents backed up digitally.

What to Do After a Fire

If your business experiences a fire:

1. Ensure everyone’s safety first.
2. Contact emergency responders.
3. Notify your insurance company immediately.
4. Document all damages using photos and videos.
5. Prepare an inventory of damaged items.
6. Secure the property from further damage if safe to do so.
7. Submit all required claim documents promptly.
8. Coordinate with your insurance adjuster throughout the claims process.

Keeping purchase receipts, invoices, and updated asset records can significantly simplify the claims process.

Common Mistakes Small Business Owners Make

• Buying the cheapest policy without reviewing coverage.
• Underestimating property value.
• Not updating insurance after business expansion.
• Ignoring optional business interruption coverage.
• Failing to document business assets.
• Not reading policy exclusions.
• Waiting until after a disaster to purchase insurance.

Frequently Asked Questions (FAQs)

Is fire insurance mandatory for all small businesses?

No. However, banks may require it for financed commercial properties, and it is strongly recommended for businesses with physical assets.

Can tenants get fire insurance?

Yes. Even if you rent your business space, you can insure your inventory, equipment, furniture, and leasehold improvements.

Does fire insurance cover inventory?

Yes, provided inventory is included in your policy and declared with an appropriate insured value.

How long does claim processing take?

The timeline varies depending on the insurer, the completeness of submitted documents, and the complexity of the claim.

Can home-based businesses get fire insurance?

Some insurers offer coverage for qualified home-based businesses. Check with your insurance provider regarding eligibility and policy options.

Fire can happen without warning, but the financial consequences don’t have to be devastating. Investing in Fire Insurance for Small Businesses in the Philippines is a practical way to protect your hard-earned assets, maintain business continuity, and recover more quickly from unexpected disasters.

Whether you’re operating a small retail shop, restaurant, warehouse, office, or service-based business, having the right insurance coverage can make the difference between a temporary setback and a permanent closure.

Before purchasing a policy, compare multiple insurance providers, understand the coverage and exclusions, accurately value your assets, and consider adding business interruption coverage for more comprehensive protection. Combined with proper fire prevention practices, fire insurance forms an essential part of responsible business risk management.

Business News Philippines was launched in October 2015 as a portal for readers to learn more about operating a business in the Philippines.

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