Historic Birmingham quarter bids for global recognition
An international panel of judges is set to visit Birmingham next week as part of a bid by the city's historic Jewellery Quarter to be granted a special status. The visit from the World Craft Council, from April 7 to 11, comes as the quarter enters the final stages of its attempt to win World Craft City status. The honour is awarded to an area where there has been excellent social, cultural and economic contributions from local communities. Among those already holding the status are Kilkenny in Ireland, Bornholm in Denmark and Stoke-on-Trent which won the accolade last year for its heritage in the ceramic industry. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. If successful, the title could boost the Jewellery Quarter's global profile, enabling it to access government support, promote tourism and foster knowledge exchange between itself and other World Craft cities. The judging panel is made up of international experts and business leaders from as far as afield as Australia and Mexico who will evaluate the city's contribution to jewellery-making, goldsmithing, silversmithing and allied trades. This comes after a rigorous application process which has seen the Jewellery Quarter highlight its history, innovation and commitment to sustainability within the craft sector. Local institutions including the Assay Office, Birmingham City University's School of Jewellery, which has bases in Vittoria Street and St Paul's Square, and historic manufacturer Thomas Fattorini are among those hosting the judges. The Jewellery Quarter Development Trust is helping to co-ordinate the event with support from Birmingham City Council, the Goldsmiths' Company and other local organisations. The visit will include tours, workshops, a visit to the Museum of the Jewellery Quarter and a series of presentations while the trust's chairman Matthew Bott will give a presentation as to why the area should be named a World Craft City. He said: "We are thrilled to welcome this esteemed panel to Birmingham and we believe the Jewellery Quarter's creativity and craftsmanship are deserving of international recognition. "This is a fantastic opportunity to showcase the ongoing work of our businesses, from silversmiths to jewellery designers, and to demonstrate how the Jewellery Quarter continues to shape the future of the craft." Cllr Saima Suleman, cabinet member for culture at Birmingham City Council, added: "The innovation and entrepreneurial spirit of the Jewellery Quarter has defined Birmingham's role since the Industrial Revolution and we are immensely proud that it continues to thrive as a key part of our city's economy. "The area remains a hub of creativity and craft, where over 600 businesses continue to blend traditional skills in jewellery, silver- and goldsmithing with contemporary design.
UK to announce extra £2bn in defence funding to support exports and allies
The UK government has committed an additional £2bn to bolster UK defence exporters, aiming to secure more orders from international partners. This move expands the lending capacity of UK Export Finance (UKEF), the nation's export credit agency, to a total of £10bn. UKEF's Direct Lending facility offers loans to overseas buyers, enabling them to procure British goods and services. In the previous year, UKEF granted £8.8bn in loans, aiding 650 exporters and sustaining 41,000 jobs, with funds reaching countries including Poland, Qatar, and Ukraine. Chancellor Rachel Reeves is expected to unveil the extra funding during her trip to Scotland today, as reported by City AM. The Treasury has expressed its intention to enhance the competitiveness of the UK's defence sector and support UK exporters in extending their supply chains globally. Amidst rising global geopolitical tensions that are fuelling defence sector growth, Reeves stated that the UKEF boost will "kickstart economic growth" while also "strengthening our national defence." The Chancellor remarked: "The world is changing, and we must bring about a new era of security and renewal that protects working people and keeps our country safe. "This increase to UKEF's lending capability is our Industrial Strategy in action, bolstering our defence industry and supply chains, creating jobs and driving growth across the UK." This announcement comes on the heels of the government's commitment to elevate defence spending to 2.5 per cent of GDP starting April 2027. Business Secretary Jonathan Reynolds has articulated support for the defence sector, stating: "This new UKEF lending capability strengthens our support for the sector even further, and will help our defence firms export the best of British expertise abroad while boosting jobs and growth at home." Scottish Secretary Ian Murray also chimed in with his vision for the nation's security infrastructure: "We are entering a new era for our national defence and Scotland's world class defence industry is playing a big role in meeting that global security challenge."
London's luxury real estate resilient amid non-dom reforms and global economic shifts
A leading luxury estate agency has reported that the super-prime London property market has performed better than anticipated, despite the government's non-dom reforms. It suggests that the market could benefit from Britain's "boring but solid" political climate amidst global instability, as reported by City AM. In a discussion with City AM, the co-founders of Christie's International Real Estate (CIRE) dismissed concerns that abolishing the old tax regime might negatively impact the London market. They noted a noticeable increase in high-value property purchases in the capital. Mike Golden, co-chief executive of CIRE, stated: "While I don't think that changing the non-dom rules was positive, the reality is that almost the opposite has happened." He added: "The luxury market [in the UK] has been very very strong. The market for the super prime – the more than £10m properties in London – is flourishing." Last October, in her first Budget, the Chancellor decided to scrap the centuries-old generous tax status given to wealthy foreigners, known as the non-domicile (or 'non-dom') regime. She argued at the time that individuals who "make Britain their home, should pay [their] taxes here." This decision led to a wave of warnings from the UK's top estate agencies that demand for London property would suffer due to being located in a less competitive tax jurisdiction. Golden and his business partner Thad Wong have dismissed rumours, highlighting that the number of high-value property deals in the last quarter of the previous year—coinciding with the announcement of reforms—was twice that of the same period in 2023. "The London market was a little suppressed, but I think that's coming back," Golden commented. "London is London, and 2023 and 2024 weren't the best years in the real estate world in general, But the good news is that the UK luxury market has been a little more resilient." CIRE, currently listing a Beverly Hills City mansion for $75m (£58m), has emerged as a top contender in the luxury real estate sector, competing closely with Sotheby's International Realty. Since acquiring licensing rights in 2021, Golden and Wong have rapidly expanded CIRE through strategic licensing agreements and entering new markets. The firm notably facilitated one of 2024's priciest transactions—a $152m (£117m) island in Palm Beach—and managed the sale of Bridehead Estate in Dorset for around £30m. The super-prime segment of London's property market has remained relatively robust compared to other regions, with ultra-high-net-worth individuals (UHNWIs) less affected by rising interest rates and economic uncertainties. Concerns have been raised by industry figures that the recent downturn in US stocks and unpredictable tariff policies from the White House might negatively impact the high-end US real estate market, which has enjoyed a prolonged period of growth. "When you see a jittery stock market, that invokes fear... and fear spreads a lot more than positivity," Wong commented to City AM. The Ripley Castle estate in North Yorkshire is currently listed for sale at £21m (image courtesy of CIRE). Golden highlighted the UK's emerging image as a "steady Eddie" economy, which could appeal to international buyers looking at super-prime properties, despite higher taxes than other developed nations such as Italy, Portugal, or Switzerland. "It wouldn't surprise me at all to see more people continuing to buy in the UK, seeing it as 'boring but solid'," he remarked. A resurgence of international interest in the super-prime segment would signal the end of a nine-year decline in luxury London property. The capital, once a hotspot for high-value homes since the millennium, has found it challenging to overcome the lingering impacts of Brexit and the pandemic.
Multi-million-pound revenue boost for medtech firm TrakCel following US contract wins
Medtech venture TrakCel has won a string of new clients in the US in deals that are expected to add millions to its revenues. Over the past 12 months, Cardiff-based TrakCel, a leading provider of digital supply chain tracking and management solutions for the cell and gene therapies sector, has secured contracts with four US-based biopharmaceutical companies. The deals are for commercially approved cell and gene therapies for conditions such as sickle cell, B-cell acute lymphoblastic leukemia, metastatic synovial sarcoma and recessive dystrophic epidermolysis bullosa. Following the contract wins, TrakCel is now the largest independent provider of cell orchestration solutions to the cell and gene therapy sector in the world, supporting more than 20 therapies globally. The company’s primary success builds on a consistent upward trajectory of sales to America, with exports to the US having increased from 65% to 84% of its trade over the past five years. This growth has led to the firm opening a base in the US to provide localised sales and operational support. The region now accounts for the vast majority of TrakCel’s global sales, which span 11 countries across North America, Europe, and Australia, with over 2,000 users across more than 250 authorised treatment centres (ATCs). TrakCel aims to target further US expansion as it continues to support the rapidly evolving and fast-paced industry, with plans to increase exports to the market by 10% over the next 12 months. As the company continues to grow, it also hopes to create additional high-value job opportunities at its headquarters in Cardiff to strengthen Wales’ life sciences industry. Established in 2012, TrakCel offers digital software to stakeholders within the cell and gene therapy supply chain to enable them to manage, control, and track the progress of samples obtained for clinical trials and commercial therapies. Its tracking software, Ocellos, is predominantly used to facilitate the treatment of life-saving cell and gene therapies within areas such as oncology and autoimmune disorders. Its chief executive, Fiona Withey, said: “Breaking into the US market wasÂalways a key part of our strategy from the outset, given it is home to theÂworld’s largest pharmaceutical industry. “Today, the US not only accounts for the majority of our business, but also continues to offer exciting growth opportunities as we expand our client base and deepen our presence on the ground.” TrakCel’s export success has been supported by the Welsh Government, which has provided funding for market visits as well as delivered trade missions to the US. Dr Withey added: “What started out as a company from Wales offering a first-of-its-kind cellular orchestration software product, has grown into a trusted name and the market leader in the global cell and gene therapy supply sector, thanks in no small part to the support we’ve received from the Welsh Government. “To grow our presence in the US, it was important for us to visit the US to meet and speak directly with prospective clients, showcase just how TrakCel could help them, and build trusted, long-term relationships.”
Trainline shares tank despite record sales with rivals launching national ticket app
Despite announcing record full-year sales and a £75m buyback programme, shares in Trainline plummeted on Thursday. A robust set of results failed to alleviate investor concerns about the introduction of a state-owned competitor ticketing app in the UK, leading to the stock falling more than 13 per cent in early trading, as reported by City AM. This occurred even though net ticket sales rose by 12 per cent to a record £5.9bn year-on-year, aligning with previously upgraded guidance but at the lower end. The increase was fuelled by Trainline's UK operations, where sales increased 13 per cent to £3.9bn. International ticket sales climbed four per cent to £1.1bn, boosted by a strong performance from its Spanish division. On Thursday, Trainline revealed a new share repurchase scheme worth up to £75m. It already has an ongoing buyback programme of up to eight per cent of its issued share capital. "With record net ticket sales for the third year in a row, we saw growth in consumer sales in the UK of 13 per cent and in Spain of 41 per cent, while international B2B sales through our Global API increased by about 60 per cent," said Jody Ford, Chief Executive. "Our decades-long experience in delivering ease, choice and value for our 27m customers sets us apart from the competition, be it global tech players or national incumbents." The CEO of Trainline has emphasised the potential for growth within the UK and Europe, underpinning the importance of market conditions: "There is still so much to be achieved in the UK and Europe with the critical foundation being open, fair and competitive markets. Rail is set to surge across Europe and Trainline will be at the centre of it."
Jobs cut plans announced by leading Welsh college
One of Wales' highest-performing and biggest colleges has warned staff may lose their jobs as it begins a round of cuts. Coleg Gwent said compulsory redundancies cannot be ruled out in a consultation which ends on May 2. The college declined to say how many jobs it was looking to shed, or in what areas, but staff said they had been told that as many as 100 posts could go with management looking at £2.5m savings. Coleg Gwent has 18,000 students across campuses in Newport, Cwmbran, Crosskeys, Ebbw Vale, and Usk. Formal consultation on the cuts has begun with the University and College Union (UCU). Staff are being asked by the college to consider leaving voluntarily. Read the biggest stories in Wales first by signing up to our daily newsletter here. In a letter to staff college principal Nicola Gamlin described it as a "management of change process" . The letter, seen by WalesOnline, goes on: "The objective at the heart of these proposals are the twin imperatives of balancing long-term financial sustainability with the need to deliver excellent learner experiences and improve learner outcomes." It adds: "To achieve these objectives we propose making a number of changes both to curriculum and business support delivery models." Ms Gamlin said senior managers understand the impact the plans will have on staff but they cannot rule out the worst. She wrote: "We will take reasonable steps to achieve our aims without having to resort to compulsory redundancies but regrettably we cannot, at this stage, rule out that possibility." One affected member of staff said: "Staff morale is at an all-time low and staff are fearful for their jobs and futures. Staff have been pooled and being interviewed for their jobs. This means that potentially over 100 staff are affected." The college said in a statement: "We, like many further education institutions across the sector, are navigating significant financial challenges. To balance the long-term financial sustainability of the college and the need to deliver an excellent learner experience that meets the changing needs of our learners we are undertaking a strategic review of the college's operations. "Working closely with our trade unions a formal consultation period has started and we are exploring a range of proposals covering both business support functions and curriculum delivery. As our curriculum has evolved and learner demand has changed the proposals at this stage mean that some curriculum areas are being added to, consolidated, or removed to improve the learner experience. "It is important to stress that at this stage these are just proposals subject to an ongoing 45-day consultation. Therefore we cannot confirm the number of jobs that may be at risk but it is our aim to avoid compulsory redundancies and this would be considered as the very last resort. "We are very conscious that this will be a challenging period for staff and are committed to engaging with colleagues and union representatives openly and transparently. Despite these challenges we remain dedicated to offering outstanding educational opportunities for our students." A reduction in demand for A-level Welsh in Blaenau Gwent means the college is considering consolidating A-level Welsh on its Crosskeys campus under the plans. Asked to confirm the scale of job losses and which departments and courses are likely to be most affected a college spokesman added: "The consultation period closes on May 2.