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Losses narrow at Bruntwood as property giant continues UK growth despite tough conditions

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Boss Chris Oglesby says ‘rental growth is at levels I haven’t seen in my 35 years working across our city regions’

No. 3 Circle Square in Manchester, by Bruntwood SciTech

No. 3 Circle Square in Manchester is one of Bruntwood SciTech’s key Manchester city centre developments(Image: Bruntwood SciTech)

Bruntwood has slashed its losses in a “pivotal” year for the North West property group as it continued its growth plans despite turbulent economic conditions. The group reported a loss before taxation of £12.9m, a big improvement on the £73.7m reported last year.

Total assets across the Bruntwood group’s own portfolio and its joint ventures now stands at £1.9bn, up on last year’s £1.8bn, while operating profits stood at £18.6m.

Bruntwood said valuations were stable at its wholly-owned Bruntwood Places arm, and that its pre-tax loss “largely reflects a £21.5 million share of joint venture losses, driven by development write-downs amid higher build costs (up around 40% since 2022) and continued market yield pressures”.

READ MORE: Bruntwood plans ‘statement of intent’ makeover for one of Manchester’s original 60s skyscrapersREAD MORE: Britain’s sportswear capital: How Manchester lured Puma and other famous brands

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Demand was strong through the year, with the group completing more than 900,000 sq ft of lettings transactions and welcoming 455 new customers across its portfolio. In its results statement, Bruntwood said: “This activity reflects the continued flight to quality, with businesses increasingly recognising the value of well-amenitised workspace in driving productivity and encouraging employees back to the office”.

During the year the group completed the refinancing of its club bank facility for its Bruntwood Places portfolio with Santander, HSBC, NatWest and Barclays. The facility was extended by £90m and 12 months, allowing the repayment of retail bonds due in February 2025, while providing £29m of undrawn commitments and giving what Bruntwood called “a comfortable level of covenant headroom as at 30 September”.

Bruntwood Places investment

Over the year, Bruntwood invested £16m in its Bruntwood Places workspace portfolio, including £6.2m in its wholly-owned office portfolio and another £9.8m through town centre joint ventures with Trafford and Bury Councils. Places now includes £240m of workspace, with an £84m portfolio of town centre regeneration projects, serving some 800 customers.

Work in the wholly-owned portfolio included refurbishments of South Central in Manchester city centre, Station House in Altrincham, Landmark House in Cheadle, Wilderspool in Warrington, and Exchange Court in Liverpool.

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Bruntwood SciTech invests £156m over year

Bruntwood SciTech, Bruntwood’s tech-focused joint venture with Greater Manchester Pension Fund and Legal & General, invested some £156m across its portfolio over the year.

It completed schemes with a gross development value (GDV) of £245m, including No.3 Circle Square and Citylabs 4.0 in Manchester, No.1 Birmingham Health Innovation Campus, and West Village in Leeds. Meanwhile work on the Greenheys laboratory building at Manchester Science Park, home to UK Biobank, is set to complete in Spring 2026.

Bruntwood SciTech’s portfolio now stands at £1.6bn of schemes over 5.8m sq ft of space. Since the financial year end, work on the £30m work to transform Pall Mall in Manchester city centre has been completed, with 120,000 sq ft of space. Bosses want the business to grow to a £5bn portfolio by 2033 and it already has a 3m sq ft development pipeline. That includes the Sister joint venture with the University of Manchester, Hemisphere in Liverpool through the Sciontec joint venture, and Birmingham Health Innovation Campus with the University of Birmingham.

How the Greenheys building at Manchester Science Park will look

How the Greenheys building at Manchester Science Park will look(Image: Bruntwood SciTech)

Chris Oglesby, CEO of Bruntwood and Bruntwood SciTech, said: “2025 has been a pivotal year for Bruntwood, characterised by strong operational execution and strategic investments positioning us for sustainable long-term growth. Despite navigating a complex global economic landscape, our core business units have demonstrated resilience and adaptability.

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“In the office sector, it has been a tale of two halves. While capital markets have faced significant headwinds with yield-driven valuation reductions of around 35% across the wider market over the last two-and-a-half years, occupational markets have been incredibly strong. Rental growth is at levels I haven’t seen in my 35 years working across our city regions, and businesses increasingly recognise the value of quality workspace in driving productivity.

“Our investment in our wholly owned portfolio and joint ventures reflect our conviction that for cities to thrive, they need a network of thriving towns. The opening of King Street in Stretford and continued progress at Stamford Quarter demonstrate our commitment to consultation-led regeneration that delivers lasting benefit for local communities.

“Looking ahead, we are well-positioned to capitalise on emerging opportunities. We end the year with a strong balance sheet, diversified revenue streams and a commitment to innovation – all of which provide a solid foundation for future growth.”

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Grupo Bimbo adds Takis innovation

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Grupo Bimbo adds Takis innovation

The cheese snacks are offered in two flavors. 

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Oppenheimer lowers Trimble stock price target to $86 from $102

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Oppenheimer lowers Trimble stock price target to $86 from $102

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Lactalis USA adds protein cheese sticks

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Lactalis USA adds protein cheese sticks

The cheese sticks are made with 17 grams of protein per serving. 

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Your Essential Guide to Group Coach Travel

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Your Essential Guide to Group Coach Travel

As the UK’s second-largest city, Birmingham presents both tremendous opportunities and unique challenges for group travel.

From the bustling Bull Ring shopping centre and the historic Jewellery Quarter to world-class venues like the NEC and Symphony Hall, Birmingham attracts millions of visitors annually for business, leisure, and cultural events. Yet navigating this sprawling metropolis with a large group requires careful planning and the right transportation solution.

Whether you’re coordinating a corporate conference at the ICC, organising a school trip to Cadbury World, planning wedding guest transport, or arranging a sporting event visit to Villa Park or St Andrew’s, the logistics of moving groups through Birmingham’s busy streets can quickly become overwhelming. The solution lies in selecting professional coach services that understand the city’s geography, traffic patterns, and venue requirements.

Why Birmingham Groups Choose Coach Services

Conquering Urban Complexity

Birmingham’s one-way systems, pedestrianised zones, and congestion hotspots present significant challenges for those unfamiliar with the city. Professional drivers navigate these complexities daily, knowing the optimal routes to major venues, alternative options during peak traffic periods, and the most efficient approaches to hotels and attractions. This expertise proves invaluable when schedules are tight and punctuality matters.

Centralised Convenience

Coordinating multiple vehicles through Birmingham’s busy streets creates unnecessary complications. A single coach keeps your entire group together, eliminates the risk of anyone getting lost in unfamiliar surroundings, and ensures simultaneous arrival at your destination—particularly crucial for time-sensitive events like theatre performances at the Alexandra or Hippodrome.

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Parking Solutions

Birmingham’s parking challenges are legendary, with limited spaces at premium prices and strict enforcement in most areas. Coach drop-offs at major venues eliminate these concerns entirely, with designated zones at most significant locations. Your group disembarks steps from your destination whilst the coach manages parking logistics separately.

Cost-Effective Group Transport

When travelling to Birmingham from elsewhere or moving around the city, splitting coach hire costs amongst your group often proves more economical than individual train tickets, multiple taxis, or parking fees for numerous cars. The savings become particularly apparent for larger groups of 30 or more passengers.

Common Applications for Birmingham Coach Hire

Exhibition and Conference Transport

The NEC hosts hundreds of events annually, from industry exhibitions to consumer shows, whilst the ICC and other venues attract countless conferences. Coach Hire Birmingham services provide seamless transport between hotels and venues, allowing delegates to network during travel and arrive professionally without the stress of navigating unfamiliar routes or searching for parking.

Educational Visits

Birmingham’s rich industrial heritage and cultural attractions make it a popular educational destination. From the Birmingham Museum and Art Gallery to Thinktank science museum and the Black Country Living Museum, schools benefit from reliable transport that allows teachers to focus on supervision and learning objectives rather than driving and directions.

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Shopping and Leisure Trips

The Bull Ring, Grand Central, and Mailbox attract shopping groups from across the region. Coach services drop groups in the city centre, arrange collection times, and eliminate concerns about shopping bags, parking, or coordinating return journeys after a long day browsing.

Corporate Events and Team Building

Birmingham businesses regularly organise team-building activities, client entertainment, and corporate hospitality events. Professional transport ensures staff arrive together and on time, whilst journey time can be utilised for briefings, networking, or simply allowing teams to unwind before important events.

Sporting Fixtures

Aston Villa, Birmingham City, Warwickshire County Cricket Club, and major events at venues like Arena Birmingham all attract passionate supporters. Coach travel maintains team spirit throughout the journey whilst avoiding the notorious parking difficulties and traffic congestion around major stadiums on match days.

Airport Transfers

Birmingham Airport serves millions of passengers annually, with groups requiring transport for holidays, business trips, and international visits. Door-to-door coach services eliminate the complexity of coordinating multiple taxis or managing luggage on public transport connections.

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Essential Booking Considerations

Timeline Planning: Birmingham hosts major events year-round, from the Frankfurt Christmas Market to summer festivals and countless NEC exhibitions. These peak periods create high demand for coach services, making advance booking essential. Aim for 6-8 weeks ahead for standard journeys, extending to 2-3 months for major event periods or school holidays.

Route Specifics: Birmingham’s geography affects journey planning significantly. Provide detailed information about pick-up and drop-off locations, including specific venue entrances where relevant. Many Birmingham venues have designated coach areas, and your provider needs this information for accurate planning.

Traffic Considerations: Birmingham experiences significant rush-hour congestion, particularly on key routes like the Aston Expressway and around Spaghetti Junction. Discuss timing with your provider to avoid predictable delays, or build appropriate buffers into time-sensitive schedules.

Group Size Accuracy: Vehicles range from 16-seat minibuses to 70+ passenger coaches. Accurate numbers ensure appropriate allocation, particularly important in Birmingham where venue access may restrict vehicle sizes in certain areas.

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Frequently Asked Questions

How does Birmingham traffic affect journey planning?

Birmingham experiences peak congestion during typical rush hours (7:30-9:30am and 4:30-6:30pm weekdays), with additional pressures around major events. Professional providers factor these patterns into journey planning, suggesting optimal departure times or alternative routes to ensure punctual arrival.

Can coaches access Birmingham city centre venues?

Most major Birmingham venues provide coach drop-off and collection facilities, though locations vary. Venues like Symphony Hall, the Hippodrome, and major hotels have designated coach areas. Some city centre locations may require drop-offs at nearby points rather than directly outside, particularly in pedestrianised zones.

What’s included in typical Birmingham coach hire costs?

Standard packages generally include the vehicle, experienced driver, fuel, and comprehensive insurance. Additional charges may apply for Birmingham’s Clean Air Zone (CAZ) if applicable, parking fees at certain venues, and extended waiting times. Always request detailed quotations that clearly itemise all costs.

How far in advance should I book for NEC events?

Major NEC exhibitions attract thousands of visitors, creating exceptional demand for accommodation and transport. For significant events, booking 2-3 months ahead is advisable. Last-minute bookings during major shows often face limited availability and premium pricing.

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Can routes include multiple Birmingham locations?

Absolutely. Providers can accommodate itineraries including multiple venues, hotels, or attractions. However, Birmingham’s traffic patterns mean journey times between locations can vary significantly depending on routes and timing, so discuss your requirements thoroughly when planning to ensure realistic scheduling.

Maximising Your Birmingham Coach Experience

Successful Birmingham group travel depends on clear communication and realistic planning. Designate a coordinator to liaise with your coach provider and communicate with passengers. Provide comprehensive briefings about meeting points—Birmingham landmarks like New Street Station or specific hotel entrances make excellent reference points for those unfamiliar with the city.

Build modest time buffers into your schedule, particularly when travelling during peak periods or around major events. Birmingham’s unpredictability means a 15-minute contingency can prevent minor delays from becoming significant problems.

Maintain communication with your driver throughout the day, particularly if plans change. Their Birmingham knowledge often provides valuable alternatives if traffic issues arise or timings need adjustment.

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Conclusion

Birmingham’s status as a major UK city brings tremendous opportunities for business, education, leisure, and cultural experiences, but successfully navigating the city with groups requires professional transport solutions. Quality coach services transform potentially stressful logistics into seamless journeys, allowing your group to focus on the purpose of your visit rather than the mechanics of getting there. By selecting experienced providers who understand Birmingham’s unique characteristics, booking with adequate notice, and communicating your requirements clearly, you ensure every group journey begins and ends successfully. The investment in professional transport pays dividends in punctuality, passenger comfort, and overall satisfaction, making it an essential component of any successful Birmingham group visit.

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Estee Lauder sues Walmart, alleging sale of counterfeits

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Estee Lauder sues Walmart, alleging sale of counterfeits

Walmart Inc. signage during the company’s listing at the Nasdaq MarketSite in New York, US, on Tuesday, Dec. 9, 2025.

Michael Nagle | Bloomberg | Getty Images

Estee Lauder sued Walmart in California federal court over allegations the big-box retailer sold counterfeit beauty products on its website and didn’t do enough to ensure only authorized and authentic merchandise was offered to consumers. 

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Estee Lauder said it purchased, inspected or tested a number of products sold on Walmart.com that used the Le Labo, La Mer, Clinique, Aveda, Tom Ford and Estee Lauder trademarks but were determined to be fakes, according to the suit, filed Monday.

The products include counterfeit versions of Estee Lauder’s Advanced Night Repair serum, a Le Labo fragrance, a Clinique eye cream, a La Mer lotion, an Aveda hair brush and a Tom Ford fragrance. 

xemplars of the Estée Lauder Accused Products

U.S. District Court Complaint

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It’s unclear when Estee Lauder bought and tested the products but the suit comes several months after CNBC published an investigation into counterfeit beauty products and fraud on Walmart.com.

Two of the counterfeit products cited in CNBC’s investigation — Estee Lauder Advanced Night Repair serum and Clinique Smart Clinical Repair Wrinkle Correcting Eye Cream — were also mentioned in Estee Lauder’s lawsuit. It’s unclear if the products cited in the suit are the same counterfeits CNBC provided to Estee Lauder. 

Estee Lauder and Walmart didn’t immediately return requests for comment. 

Exemplars of the Clinique Accused Products

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U.S. District Court Complaint

While the products were sold by third-party sellers on Walmart’s online marketplace, Estee Lauder said the company played an active role in facilitating those sales to shoppers in its suit. The legacy beauty company called Walmart’s conduct “extreme, outrageous, fraudulent … despicable and harmful.” 

The counterfeit products were promoted and advertised to shoppers on the platform, Estee Lauder’s trademarks were used in search engine optimization tools to drive traffic to the listings and Walmart profited from the sales, the complaint stated. 

Further, “a person shopping on Walmart.com would have reasonably believed that Walmart, and not third-party sellers, was the seller” of the item, which could have caused confusion among shoppers, the complaint states. 

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At the heart of CNBC’s investigation into Walmart’s online marketplace was the steps the company took, or didn’t take, to vet its third-party sellers and the products they were offering to prevent fraud and the sale of fakes on the platform. 

Exemplars of the La Mer Accused Products.

U.S. District Court Complaint

In its complaint, Estee Lauder said Walmart promoted the “reputation and professionalism” of the sellers permitted to operate on the platform but said the retailer actually does “very little to ensure that only authorized and authentic products are available” for sale. 

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“This is readily apparent given the [counterfeits] were permitted to be sold on Defendants’ website despite their stated careful selection process in who they choose as a Marketplace seller/partner,” the complaint states. “Accordingly, Defendants know or had reason to know that the sellers they partnered with and ‘regularly review[ed]’ were selling products which infringe upon the Estée Lauder Marks.” 

Walmart’s online marketplace has become a key part of its strategy to grow profit faster than sales and better compete against its longtime rival, Amazon. The rapid growth of the online platform helped fuel Walmart’s ascent to a $1 trillion market cap last week, putting it in an exclusive club made up almost entirely of technology companies. 

However, the strategy has come with risks, CNBC’s investigation revealed. Offering counterfeit, potentially dangerous, products to shoppers through third-party sellers on the marketplace opens Walmart up to liability and could erode the customer trust at the core of its brand.

Exemplars of the Le Labo Accused Products

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U.S. District Court Complaint

Ever since a 2010 court ruling that arose after Tiffany sued eBay over counterfeit products on the platform, it can be tough for brands to hold platforms accountable for their role in selling counterfeit goods. Sometimes, they avoid lawsuits unless the conduct is extreme or particularly flagrant, experts previously told CNBC.

The Shop Safe Act, a bipartisan federal bill that aims to curb the sale of fakes on online marketplaces, is designed to address some of the issues posed by the Tiffany v. eBay ruling by incentivizing platforms to better vet sellers and the products they’re offering. When platforms comply with certain anti-counterfeiting measures, they could be shielded from liability if a seller offers a fake product. 

Brands widely supported the legislation, but it has so far failed to pass at least three times. That’s partially because Walmart and other online marketplaces like Amazon, Etsy and eBay have lobbied against aspects of it, two U.S. Senate aides, who spoke on the condition of anonymity because the discussions were private, previously told CNBC. 

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Dan-O’s Seasoning debuts dip mixes

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Dan-O’s Seasoning debuts dip mixes

Dan-O’s Dips offers a line of four flavor varieties. 

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RoSPA launches expert commission to shape the future of occupational safety skills

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RoSPA launches expert commission to shape the future of occupational safety skills

The Royal Society for the Prevention of Accidents (RoSPA) has launched a new expert-led commission to examine the future of occupational safety and health (OSH) skills in the UK, amid growing concerns over workforce shortages and rising pressures on safety professionals.

Convened in partnership with Speedy Hire, the OSH Skills Commission brings together leading figures from across industry, trade unions and professional bodies to develop practical solutions to skills challenges that threaten workplace safety and productivity.

The initiative was formally launched at an event in the House of Lords by head commissioner and RoSPA vice president Baroness Crawley of Edgbaston. It will comprise five expert roundtables, each focused on a critical factor shaping OSH outcomes, with findings feeding into a final report of strategic recommendations for government and industry.

RoSPA said the commission comes at a pivotal moment, as Skills England and the government’s new post-16 skills strategy begin to identify priority areas for workforce development. The organisation aims to influence that agenda by ensuring occupational safety and health skills are recognised as essential to economic resilience and worker protection.

Five focus areas, five expert commissioners

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The commission will examine five core themes, each chaired by a recognised leader in the field:
• Recruitment of competent people – Claudia Jaksh, chief executive of Policy Connect
• Retention of competent people – Rick Bate, president of the Institute of Occupational Safety & Health (IOSH)
• Consultation and worker representation – Luke Collins, national health and safety officer at Unite the Union
• Wellbeing, culture and psychological safety – Nick Pahl, chief executive of the Society of Occupational Medicine
• Technology in OSH – Kate Field, global head of people and social sustainability at the British Standards Institution

Each roundtable will explore how widening skills gaps, the loss of experienced professionals and difficulties in attracting and retaining talent are being compounded by changing working patterns, new technologies and increasing regulatory complexity.

Speaking at the launch, Baroness Crawley warned that the UK was facing a mounting shortage of occupational safety and health skills, with real-world consequences.

“This commission is born out of difficult circumstances,” she said. “Our nation faces a growing occupational safety and health skills shortage that is impacting productivity and putting people in danger.

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“Our goal is to influence policy through stakeholder engagement and drive informed change, once again positioning the UK as a world leader in health and safety. Together, we have an opportunity to future-proof OSH skills, support national productivity and build a safer, stronger workforce.”

Andy Johnson, group HSSEQ director at Speedy Hire, said the nature of the modern workforce was creating new risks. “We’re seeing a more transient, industry-agnostic workforce moving rapidly between roles,” he said. “While that brings fresh energy, it also creates skills and knowledge gaps that present new challenges for the OSH profession.”

Nick Pahl of the Society of Occupational Medicine said the commission’s focus on empowerment was critical. “By putting skills at the heart of recruitment, retention, wellbeing and technology, the commission can identify solutions that support people and businesses rather than burden them,” he said.

RoSPA said the final report would aim to set out a clear roadmap for strengthening OSH capability across the UK, ensuring safety professionals are equipped to meet evolving risks and helping employers maintain safe, healthy and productive workplaces.

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Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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PennantPark Investment Corporation (PNNT) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Q1: 2026-02-09 Earnings Summary

EPS of $0.11 misses by $0.05

 | Revenue of $27.25M (-20.33% Y/Y) misses by $1.27M

PennantPark Investment Corporation (PNNT) Q1 2026 Earnings Call February 10, 2026 12:00 PM EST

Company Participants

Arthur Penn – Founder, Chairman, Managing Partner & CEO
Richard Allorto – Chief Financial Officer & Treasurer

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Conference Call Participants

Robert Dodd – Raymond James & Associates, Inc., Research Division
Paul Johnson – Keefe, Bruyette, & Woods, Inc., Research Division
Brian Mckenna – Citizens JMP Securities, LLC, Research Division
Richard Shane – JPMorgan Chase & Co, Research Division
Christopher Nolan – Ladenburg Thalmann & Co. Inc., Research Division
Casey Alexander – Compass Point Research & Trading, LLC, Research Division

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Presentation

Operator

Good afternoon, and welcome to the PennantPark Investment Corporation’s First Fiscal Quarter 2026 Earnings Conference Call. Today’s conference is being recorded. [Operator Instructions] It is now my pleasure to turn the call over to Mr. Art Penn, Chairman and Chief Executive Officer of PennantPark Investment Corporation.

Mr. Penn, you may begin — go ahead and begin your conference.

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Arthur Penn
Founder, Chairman, Managing Partner & CEO

Good afternoon, everyone, and thank you for joining PennantPark Investment Corporation’s First Fiscal Quarter 2026 Earnings Call. I’m joined today by Rick Allorto, our Chief Financial Officer. Rick, please start off by disclosing some general conference call information and include a discussion about forward-looking statements.

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Richard Allorto
Chief Financial Officer & Treasurer

Thank you, Art. I’d like to remind everyone that today’s call is being recorded and is the property of PennantPark Investment Corporation. Any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on our website. I’d also like to call your attention to the customary safe harbor disclosure in our press release regarding forward-looking information.

Our remarks today may include forward-looking statements and projections. Please refer to our most recent SEC filings for important factors that could cause actual

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Peter McGuinness tapped to lead Bel North America

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Peter McGuinness tapped to lead Bel North America

Former Impossible Foods CEO takes on new role.

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Huntington Bancshares Incorporated (HBAN) Presents at UBS Financial Services Conference 2026 Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Huntington Bancshares Incorporated (HBAN) UBS Financial Services Conference 2026 February 10, 2026 11:20 AM EST

Company Participants

Stephen Steinour – Chairman, President & CEO
Zachary Wasserman – CFO & Senior EVP

Conference Call Participants

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L. Erika Penala – UBS Investment Bank, Research Division

Presentation

L. Erika Penala
UBS Investment Bank, Research Division

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All right, everybody. Welcome back to the room and in the webcast. Without further delay, I wanted to kick off this next slot with Huntington. You all know them well. We both have Chairman and CEO, Steve Steinour; and CFO, Zach Wasserman, joining us. But Steve wanted to say a few things before we kick it off with the fireside chat. So Steve?

Stephen Steinour
Chairman, President & CEO

Good morning. Thanks, Erika, and to all of you, and thanks for allowing Zach and I to join you. So as I begin my comments, I’ll ask you to note our forward-looking statements on Slide 2. And moving to Slide 3. We entered ’26 with strong momentum and a powerful model that delivers robust revenue and earnings growth as well as top-tier returns. And our partnership with Cadence, which we successfully closed 10 days ago, will further accelerate these outcomes. So there are 4 key messages I want to highlight today. First, we built a unique and scalable super regional bank model. Our model delivers industry expertise in 21 regional markets through locally-led teams and across the country through our commercial bank and specialty businesses.

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Second, our focused execution is generating powerful organic growth across all facets of our business. Third, we have proven expertise in seamlessly integrating new partners, a capability that creates meaningful economic value while ensuring seamless support for our customers. Fourth, these elements come together in a compelling flywheel for value creation that is accelerating as we expand our footprint and

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