Midcheshire Independent Issue 178

MAY 2025 16 Independent BUSINESS A STOCKPORT head- quartered schoolwear company has expanded its offering by acquir- ing specialist children’s shoe business. The Parently Group has bought Term Footwear for an undisclosed sum. Stock- port based Hurst Corporate Finance advised on the deal. It is the first acquisition for Parently, a manufacturer of childrenswear which owns the David Luke school uni- form brand, footwear and clothing brand Grass & Air and sportswear brand Juco. The company is based at a three-acre site in Bred- bury after making the move fromManchester city centre last year. Term, which is based in Poole, Dorset, has become a trusted brand for its shoes, which are designed with British children and the weather in mind. Its product range caters to different age groups and preferences, from primary school children to teenag- ers, with options such as single and double touch-fas- tening straps, lace-ups and smart designs. Its founders, Sharon and Lincoln New, will continue to work with The Parently Group to assist with the transition and share their specialist knowledge and expertise with the team. Kathryn Shuttleworth, chief executive of The Parently Group, said: “This move into school shoes comes at a time when the school uniform market is under- going significant changes, driven by shifting owner- ship models and legisla- tive uncertainties. “In these times, diver- sif ication for whole- salers and retailers is essential. Expanding our offerings builds resistance and reduces risk as markets and products evolve.” She added: “As a whole- sale distributor with a wide retailer network, collabora- tion is in our DNA. Since our founders, David Burgess and Adrian Luke, started the business, we have remained committed to bringing products that have a strong story that resonates with retail customers. “We are thrilled about Term Footwear becoming part of our group of brands and look forward to shar- ing the great opportunities that come from adding these excellent products to our retail portfolio.” Danielle Tierney and Ben Bradley of Hurst advised Parently on the acquisi- tion. Mark Winthorpe and Arshnoor Amershi, of Pan- none Corporate, provided legal advice. Danielle said: “The brand is a great addition to its port- folio, which already includes CHANCELLOR Rachel Reeves confirmed a £2.2bn defence spending boost in her Spring Statement however it came on the back of a disappointing fall in forecasted eco- nomic growth. As widely predicted, there were no further tax increases or surprises for businesses, who were hit hard by the chancellor’s autumn Budget with its employers’ NI hike and a record £40bn in tax rises. However, the forecast from the Office for Budget Respon- sibility (OBR) halved the UK’s growth in 2025 from two per cent to one per cent. And since the statement, the UK and the world’s econ- omy has been hit by Ameri- can President Donald Trump’s global tariffs. The OBR has cautioned that becoming embroiled in a trade war could undo the £9.9bn headroom the chancel- lor has built into the economy. The situation around growth and economic uncer- tainty has led some experts to warn that the government might have to raise taxes later in the year, if the economy and public finances get worse. The Institute for Fiscal Studies said the chances of Rachel Reeves meeting her fiscal rules were ‘a coin toss’ and there was a “good chance” that the economic forecast will “deteriorate”. In her statement, the chancellor said that defence spending will increase to 2.5 per cent of GDP from April 2027, by reducing overseas aid to 0.3 per cent of gross national income. Confirming an additional £2.2bn in spending for the Ministry of Defence next year, she said it was necessary because of the need to move quickly in a “changing world”. She said that she wanted the “whole country” to feel the benefits of the increase. The chancellor said the government was also taking forward work to “significantly reduce the costs of running government” by 15 per cent, or £2bn, by the end of the decade. She said that the state can be “leaner and more agile”. She also told the Com- mons that the OBR had assessed that Labour’s plan- ning reforms “will lead to housebuilding reaching a 40 year high”. Changes to the national planning policy alone, she said, will help build more than 1.3 million homes in the UKwithin the next five years. This will take Labour within “touching distance” of its promise to build 1.5 million homes in England this parlia- ment, she added. She said the government’s plan to get Britain building will drive growth in the econ- omy and put more money in people’s pockets. A SUSTAINABLE gift company which sources environmentally friendly products from positive impact businesses, is celebrating its one-year anniversary with further growth and jobs. EZ Hampers, which spe- cialises in bespoke hampers and community events, was founded by Lisa Storey in 2024 following her desire to create a successful business after a career as a nurse. In just one year the Altrin- cham based business has already experienced impres- sive growth and is set for fur- ther expansion. After receiving a £10,000 Start Up Loan with the support of the programme’s Business Support Partner GC Business Finance (GCBF) in 2024, Lisa relocated to a new premises. EZ Hampers has seen a 50 per cent increase in turnover since the move. The relocation has also allowed the business to grow. Now Lisa has plans to take on at least six new staff in he near future and is work- ing with local colleges and employment services. In recognition of her work, she was named the British Business Bank’s Start Up Loans Ambassador for the North West for 2024-25. As an ambassador, Lisa is advocating for small busi- nesses and shares her story to inspire other entrepreneurs to take the leap and pursue their dreams. She said: “I’m so proud of how far we have come in just one year. From increasing our turnover by 50 per cent, to supporting local people with job opportunities, I hope my story can inspire others to take that first step in starting a business and show that with determination and the right support, anything is possible. “I was also honoured to have been named the Start Up Loans Ambassador for the North West, and I am excited to work more closely with GC Business Finance and the British Business Bank over the next few months.” Alex Mearns, head of startup lending at GC Busi- ness Finance, added: “Lisa’s dedication to both her busi- ness and the local community FOR the first time in Ver- non Building Society’s 100-year history, the total assets of the Stockport mutual have exceeded £500milllion. Latest figures show them growing by 10 per cent to £506m, while profit before tax increased to £3.5m. The society says it will continue to focus on growth and sustainability in 2025, “from a position of finan- cial strength”. Gross mortgage lending grew from £76.4m in 2023 to £89.6m in 2024. The society say that rise is in part down to the work it has done to help underserved markets and give more people the chance to become homeowners. Retail savings balances grew by nine per cent to £447m – planned growth that played a vital role in the expansion of the Vernon’s mortgage book. Steve Fletcher retired as chief executive of Vernon Building Society in Decem- ber 2024 and was replaced by Darren Ditchburn. Darren said: “Thanks to the leadership and dedication of Steve Fletcher, the Vernon has been left in a position of strength, and we are able to look ahead with ambition and purpose to ensure we remain a thriving, modern mutual for generations to come.” Alongside ensuring its financial stability for the future, the Vernon had many other reasons to cele- brate in 2024, including the completion of a £1.2m refur- bishment programme of its branch network. All Vernon’s high street branches have now been transformed into modern, community-focused spaces where members can access expert, face-to-face service in a warm and welcom- ing environment. Described as Stockport’s ‘best kept secret’, the Ver- non is bucking the trend of other financial institutions and in contrast to the wave of announced closures, it will instead be investing in new community branches across Greater Manchester, with the aim of having a presence in all ten boroughs by 2030. The Vernon has already started to expand its visibility Society finishes centenary on a high Looking ahead: New chief executive Darren Ditchburn and reach throughout Greater Manchester and Cheshire with the launch of its first TV advertising campaign. Supporting the local com- munity remains a priority for the Vernon. In 2024, the new Vernon Charitable Founda- tion supported 19 local chari- ties, focused on poverty relief and community development in Greater Manchester and Cheshire, with donations of £64,712. Meanwhile, its long-run- ning Community Stars pro- gramme donated £12,000 to 40 local charities and com- munity groups in support of grassroots organisations. Children’s footwear brand is a good fit Advisor: Danielle Tierney of Hurst Defence boost but growth forecast falls Hamper company set for expansion Growth plans: Lisa Storey is looking to expand her hamper business well-known names such as David Luke, Juco, and Grass & Air. “We’re excited to see how this first acquisition strengthens their position in the market and fuels fur- ther growth.” is truly inspiring. It’s a privi- lege to support entrepreneurs like Lisa who are committed to creating jobs, providing opportunities, and contribut- ing to the local economy. It’s been great to be part of her journey, and we are excited to continue supporting her through her second loan and beyond.”